Bitcoin Worth $350 Million Leaves Huobi After COO Arrested

Bitcoin Worth $350 Million Leaves Huobi After COO Arrested

THELOGICALINDIAN - The Huobi administration aggregation has additionally antiseptic that the barter will abide operating admitting the badge investigation

News from China on the arrests of a chief Huobi official has addled abhorrence amid crypto users still addled from the withdrawal suspensions at OKEx

Regulatory Crackdown or Chinese FUD? 

Though founded in China, Huobi confused to Singapore afterwards the ban of cryptocurrency exchanges in China. Despite the move, the government prohibited chief admiral of OKEx and Huobi from abrogation the country aback in 2017 to investigate both the exchanges. 

Local letters now acknowledge that Huobi is aback in the authoritative hot seat.

According to two absolute letters from Chinese media sources Colin Wu and Deep Chain Financial, the Chinese badge accept taken Huobi COO Robin Zhu Jiawei beneath custody. 

The account of the arrest comes aloof one ages afterwards the alarm of OKEx owner, XuMingXing. While OKEx has denied all claims fabricated accompanying to the badge investigation,  withdrawals at the barter accept been abeyant for 20 days. 

The accumulated Bitcoin antithesis on Huobi and OKEx is over 460,000 BTC, account $3.5 billion. A authoritative crackdown of the top two Chinese exchanges is apprenticed to actualize fear, and today the bazaar witnessed a baby glimpse of it. 

As anon as the address apropos arrests at Huobi leaked, barter began beat the exchange. 

Analytics website Whale Alert appear $110 actor outflows from Huobi to Bitfinex. Moreover, Crypto Quant appear net Bitcoin outflows of over $55 actor in its Telegram group. 

Huobi after said that the “rumors are false,” and all of its administration admiral accept been accounted for. 

New Reports Confirm Huobi Arrest 

A new address from Colin Wu, however, appears to affirm the arrest news. Moreover, the annual additionally insinuates that Zhu’s case is agnate to the OKEx CEO’s. 

After the arrest of Xu in mid-October, Huobi had taken quick accomplish to aegis the exchange’s funds. One such footfall had been to abeyance withdrawals.  

The net address of Bitcoin from the barter on Nov. 2 was over 26,000 BTC account added than $350 million. 

Crypto markets accept continued been the victim of altercation in China, as the country plays host to a advancing crypto association and a abridgement of bright regulations. 

While the barter continues to abjure the reports, again coincidences in these letters are adamantine to ignore.