What's up with Huobi?
posted 6 Aug 2023
Renowned business analyst Adam Cochran recently shared insights concerning Huobi's financial state and its potential insolvency.
Key takeaways from Adam's analysis:
Key takeaways from Adam's analysis:
- Renowned business analyst Adam Cochran recently shared insights concerning Huobi's financial state and its potential insolvency.
- Key takeaways from Adam's analysis:
- Investigation Underway: Both Huobi and Tron are facing scrutiny, with their staff being questioned by the police.
- Unusual Asset Distribution: After Justin Sun's introduction of wrapped USDT (stUSDT), a whopping 98% of user assets intended for Tether bond redemptions ended up in the wallets of Huobi and Justin Sun.
- Discrepancy with USDT Balance: Huobi's reported USDT balance is just $63 million, but their users hold a staggering $631 million worth of USDT. Something doesn't add up here.
- ETH Holdings in Question: It appears that Huobi is holding all of its users' ETH as stETH, raising eyebrows about their handling of customer assets.
- Binance Making Moves: Meanwhile, Binance is actively selling USDT and purchasing DAI, possibly indicating a shift in market dynamics.
- Outdated Reserves Page: It's been a whole month since Huobi last updated its reserve page, and discrepancies between the reported figures and wallet balances need clarification.
In response to the allegations, Justin Sun expressed his skepticism with a "
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