Prominent cryptocurrency exchange Huobi has refuted claims that its executives have been arrested in China. Over the weekend, news reports suggested that Chinese authorities had detained several Huobi executives. Meanwhile, increased outflows from the platform have been observed, media reports said.
According to data provided by Nansen.ai, Huobi’s stablecoin exchange balances have contracted by 33% within the past week. Traders have withdrawn approximately $49 million from the platform in stablecoins.
Colin Wu from Wu Blockchain had previously hinted at the detention and investigation of senior Huobi executives by Chinese police. However, specific details were not provided in his post.
Insights from DeFiLlama illustrate that Huobi presently maintains a balance of around $2.5 billion, representing a reduction from the $3.1 billion recorded at the beginning of the year. On-chain data reveals that a significant portion of the exchange’s holdings is associated with tokens linked to companies and protocols within Justin Sun’s sphere.
Approximately 26.5% of Huobi’s holdings consist of TRX, the token for the TRON network, while 20.32% are allocated to HT, the exchange’s own token.
The exchange currently holds approximately $1 billion in highly liquid assets, including $886.92 million in bitcoin, $48.27 million in USDT (Tether), and $5.41 million in USDC (USD Coin), as per data from DeFi Llama.
Notably, Huobi lacks any ether (ETH) holdings, but does possess $119.4 million in stETH and $21.8 million in wETH (wrapped Ether).
