Tron's Justin Sun denies Huobi exchange is insolvent after arrests spark $64 million in outflows Cryptocurrencies
“Ignore FUD, keep building! #TRON and #Huobi will thrive through continuous development,” Sun wrote in a Twitter post late Sunday night. “Trust in our vision and community efforts for a stronger future. Perseverance guarantees success!”
“Recently, a large number of senior executives of offshore cryptocurrency exchanges, such as CTO CHO, have been detained and investigated by the Chinese police for allegedly providing fund payment and settlement services for gambling websites,” Wu wrote. “According to Bitrace research, online gambling funds transferred directly or indirectly to offshore exchanges in the past year have exceeded 7.6 billion USDT. At present, the major offshore exchanges are all founded by Chinese.
About two hours later, local Chinese media outlet Techub corroborated Wu’s post, tweeting that at least three Huobi executives had been arrested, and that some of the exchange’s employees were sent an urgent notification advising them to depart China as quickly as possible. The data also showed that Huobi’s stablecoin reserves have fallen by 34% in the past week. Adam Cochran of Cinneamhain Ventures related the selloff of the USDT stablecoin over the weekend to the news about Huobi.
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