Huobi Airs Holding Billions of Assets Amid FTX Fiasco

Huobi Airs Holding Billions of Assets Amid FTX Fiasco
  • Huobi reveals transparency report to boost user confidence
  • They will provide a Merkle Tree Assessment within 30 days. 
  • Huobi holds 32k BTC and 274k ETH

In order to reassure users that their money is safe, Huobi Global published an asset transparency report on Sunday.

The exchange-listed 191.84 million HT ($900 million), 274,000 ETH, 9.7 billion TRX, 820 million USDT, and 32,000 BTC, along with 191.84 million tokens such as ATOM, ADA, BCH, DOGE, DOT, MATIC, SHIB, and ETC.

Reserves were estimated to be worth $3.5 billion in the report.

To reassure users that their assets are not being diverted to alternative investments, crypto exchanges worldwide have posted so-called proofs of reserves since the FTX fiasco. Earlier this month, the top cryptocurrency exchange Binance revealed its crypto reserves totaling $69 billion.

“Huobi is acting now to disclose the balance details of our hot and cold wallets and make this disclosure a routine going forward,” Huobi stated in a report.

The Merkle Tree Proof of Reserves audit also occurred early last month when About Capital acquired Leon Li’s controller stake in the exchange.

To further enhance user confidence, Huobi will provide a third-party Merkle Tree Assessment within 30 days.

With  Merkle tree, a third party aggregates an anonymous picture of all crypto balances stored by the exchange into a Merkel tree, a structure typically used to assess the integrity of block data, as part of the Merkel Tree audit.

In other news, Alameda Research Group, FTX Trading, and FTX US were among 130 enterprises affiliated with the FTX Group that crashed as a result of the tensions between FTX and Binance over the past week, followed by a significant sell-off of FTX Tokens.

Following Sam Bankman-Fried’s resignation from FTX and the company’s announcement that it would be filing for bankruptcy, many FTX wallets were discovered transmitting payments to a single Ethereum wallet address, implying that bankruptcy proceedings had commenced.

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José is a crypto enthusiast who trades crypto night and day. He loves to share his trading stories and experiences in all his published articles. José likes to hang out and travel to meet new friends. Enjoys sushi, vodka, and tequila.