Huobi Has Around 60 Million USD Withdrawn In The Last 24 Hours

Key Points:

• More than $60 million was withdrawn from the Huobi exchange in the last 24 hours, out of a total of $94.2 million withdrawn in the previous week.
• Tokens have been withdrawn mostly from the Ethereum, Avalanche, BNB Chain, Fantom, and Polygon chains in the previous 24 hours.

According to Nansen, more than $60 million has left the Huobi market in the last 24 hours.

Money flow out of Huobi exchange has increased significantly, with more than $60 million withdrawn in the last 24 hours, out of a total of $94.2 million withdrawn in the previous week. The tokens withdrawn in the last 24 hours are mostly from the Ethereum, Avalanche, BNB Chain, Fantom, and Polygon chains. The spike in outflows raises concerns among consumers regarding Huobi’s financial soundness.

Justin Sun, who was thought to be the mastermind behind the Huobi exchange acquisition shortly after, made moves. Wallets formerly associated with Justin Sun withdrew 100 million USDC and USDT from Binance, according to Look On Chain, and the monies were transferred to Huobi.

Faced with various Huobi-related Fuds, on his personal Twitter, Justin Sun claimed that: “We feel that the key to success in the crypto market is to ‘skip FUD and keep creating‘. As a prominent cryptocurrency exchange, our long-term approach is to avoid being seduced by short-term distractions.”

The exchange has recently become the market’s focal point. Ki Young Ju, CEO of CryptoQuant, stated at the beginning of December, “Huobi appears to be highly fragile at the moment.” Furthermore, this platform is placed last among the top exchanges by CryptoQuant in terms of clean reserves, or the number of assets maintained on the exchange that is not the exchange’s token.

Ki Young Ju believes the plaform’s Bitcoin reserves have fallen by 90% in the last year, but Binance’s have more than doubled. The active user address has also reduced dramatically, according to CryptoQuant. In addition to raising concerns about the exchange’s reserves, Huobi has recently sparked a stir in the crypto industry by listing Pi Network even though the project has yet to build its mainnet.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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