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Huobi, the cryptocurrency exchange, saw its stablecoin reserves drop by over 30% following news of the arrest of several senior executives. Data from Nansen, a data platform, shows that users withdrew approximately $44.8 million worth of stablecoins from Huobi last week.
$49 Million Worth of Stablecoin Withdrawals from Cryptocurrency Exchange
According to Nansen data, Huobi’s stablecoin reserves have dropped by 33% since last week, indicating that investors withdrew approximately $49 million worth of stablecoins from the cryptocurrency exchange amid allegations of the arrest of senior executives.
Chinese blockchain journalist Colin Wu recently reported that numerous senior executives of an offshore cryptocurrency exchange were arrested and interrogated by the Chinese police, and some were even detained. In response to the arrest allegations, a spokesperson for Huobi denied the news, stating that the reports of senior executives being arrested in China and the withdrawals from the cryptocurrency exchange are untrue.
Similar allegations were made by the financial media in Hong Kong, claiming that several senior executives at Huobi were arrested and detained by the Chinese police.
Reserves of $2.5 Billion Remain for the Exchange
Data from DeFi Llama shows that Huobi currently has approximately $2.5 billion in reserves. This figure was $3.1 billion at the beginning of the year. The data on the blockchain also reveals that some of the cryptocurrency exchange’s largest assets consist of tokens associated with Justin Sun’s company and protocols.
The data shows that 26.5% of the exchange’s assets are in TRX, the native asset of the TRON network, and 20.32% of the assets are in the exchange’s service token, HT.
According to DeFi Llama data, Huobi holds approximately $886.92 million worth of Bitcoin (BTC), $48.27 million worth of Tether (USDT), and $5.41 million worth of USD Coin (USDC), totaling around $1 billion in cryptocurrency.
