Amid Massive Outflows, Huobi Denies Rumors of Executive’s Arrest

November 3, 2020 4:32 PM UTC

Earlier today, rumors scattered on social media that authorities have arrested Huobi Global Limited COO Robin Zhu. The giant Singapore-based crypto exchange Huobi has knocked back reports that a senior official has been under authorities custody.

The Huobi Global posted a tweet, “all of Huobi’s management team members have been accounted for and have not been detained or arrested. We understand that the spread of false information can lead to concerns about the safety of user assets, but please rest assured your assets are safe.”

On Twitter, some users have shown their concerns regarding rumors that Chinese authorities had arrested one of the Huobi’s topmost executives, based on a Boxmining post. However, the cryptocurrency exchange rejected this tale as invalid.

Boxmining tweeted:

“The dip is caused by some fresh China FUD. Apparently, rumors are swirling that some core members from Huobi are out of contact. China FUD always happens, and we always bounce back.”

Huobi Token Price Drops Significantly

Following the rumors, a significant number of Bitcoin has left the platform, as reported by CryptoQuant. However, during the same time, a large number of Tether joined the Huobi platform. 

According to Whale Alert, almost 400 million USDT had been transferred to Huobi. Although some originated addresses are still unidentified, most of the USDT deposited from crypto exchange Bitfinex. 

As a result of rumors, the price of Huobi’s token dropped more than 9% in the past 24 hours. According to data from CoinGecko, the token is trading at almost $3.77 as of now. Similarly, Bitcoin also failed to hold on to prices and slumped back. Currently, Its price is $13,528.

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