Currently, the cryptocurrency exchange platform, Huobi, is facing various difficulties due to rumors circulating about a decrease in stablecoin reserves and an investigation initiated by the Chinese government.
Recent leaks suggest that Huobi withdrew approximately $64 million USD during the period of the Chinese government’s investigation from August 5th to 6th. This outflow of funds has led to a reduction in the total value of assets collected by DeFiLlama, from $3.09 billion USD to $2.5 billion USD at the current time.
Despite these rumors, Huobi has publicly denied the allegations and confirmed that its operations are running smoothly. Data from Nansen also indicates a slight increase in Huobi’s net asset value to nearly $3.2 billion USD, with the majority of reserves allocated to Bitcoin and Tron.
In addition to dealing with challenges within countries such as China and Malaysia, Huobi also faces scrutiny from auditing firms and on-chain reports. Nonetheless, the exchange’s ongoing development and potential continue to garner attention from the cryptocurrency community.