Huobi's stablecoin reserves dropped amidst speculation about executive arrests in China, raising concerns about the exchange.
Despite facing scrutiny, the HT token remained stable.
indicates a 33% decrease in stablecoin exchange balances, with traders withdrawing $49 million in stables during the last week.Hong Kong media previously reported the alleged detention of several Huobi officials by Chinese police, though details were withheld. Questions were raised regarding the exchange’s financial soundness and overall reliability.suggested that Huobi’s current balance was around $2.5 billion, down from $3.1 billion at the start of the year.
DeFiLlama data further revealed that the Chinese exchange has about $1 billion in highly liquid assets, including $886.92 million in bitcoin, $48.27 million in USDT, and $5.41 million in USDC. Although the exchange lacks Ether, it does possess $119.4 million in stETH and $21.8 million in wETH. While Huobi maintains some financial flexibility, the current situation adds pressure and challenges to its operations. Despite these developments, the HT token has remained relatively stable, currently trading at $2.66.
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