Huobi BTC Skyrockets to $106K Each, Market Goes Bananas

Huobi BTC reached over $100,000 despite its purpose of being pegged to BTC at a 1:1 ratio.
At the time of writing, the price has stabilized to reflect current BTC prices.
Some people noted that Justin Sun is up to some suspicious scheme involving stablecoins.

Bitcoin has finally reached $100,000, as far as HBTC is concerned.

Huobi BTC (HBTC), a token launched by Huobi that was supposed to be pegged to the price of one bitcoin (BTC) in real-time, is showing a strange phenomenon. Specifically, the token has skyrocketed to over $106,000 — five times the price of BTC.

HBTC has been on a roller coaster ride, as its price plummeted to $10,000 just a couple of days ago. Now that the said token was at a dizzying price of $106,402 a couple of minutes ago, people are not sure what to make of it.

In fact, some of them did not even know this token existed until today.

At the moment, CNL is reaching out to the Huobi team for a comment. Now, while writing this piece, the price of HBTC has re-pegged to BTC.

HBTC/USD 24-hour chart (source: CoinGecko)

In other news, some people are saying Justin Sun is up to some suspicious money-making scheme with stablecoins. According to a post dating back from March 10, Sun has withdrawn $60 million worth of USDT, USDC, and USDD from Huobi Global. In less than a day, he redeposited $100 million USDC.

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Jesus Dawal

Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.