Huobi Global Publish Asset Transparency Report Revealing $3.5B in Holdings

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Cryptocurrency exchange Huobi Global has published an assets transparency report to reassure customers of the safety of their funds.

According to the report, the exchange still has holdings estimated to be worth $3.5 billion in both its hot and cold reserves. With the sudden crash of Bahamian crypto exchange FTX after Binance pulled out of the acquisition agreement, many crypto players have expressed concerns about the industry. 

Therefore, Huobi Global took out time to show its users how solvent it is at the moment. “Huobi is acting now to disclose the balance details of our hot and cold wallets and make this disclosure a routine going forward,” the report stated.

The Seychelles-based exchange declared that it has 191.84 million Huobi tokens (HT) equivalent to $900 million on the Huobi platform.

It has 820 million United States dollar-backed stablecoin Tether (USDT), 274,000 Ethereum (ETH), 32,000 Bitcoin (BTC), 9.7 billion TRX, and many other coins like ATOM, ADA, BCH, DOGE, DOT, MATIC, SHIB, and ETC. Altogether, these digital tokens are worth $3.5 billion.

Huobi to Publish Proof of Reserve in 30 Days

In addition to its reserve declaration, Houbi Global said it was organizing a Merkle tree which would be conducted by a third party to prove the reserve within the next 30 days. Although it had earlier published a proof of reserve last month when the exchange’s founder Leon Li sold his controller stake to About Capital, the company with the largest stake in the exchange at present. 

Unfortunately, the asset transparency report was not sufficient to allay the fears of its users as the Huobi token dropped to about $4.8 down by almost 9% over the last 24 hours.

Since its reserve announcement, 12,000 ETH has been withdrawn from the platform. Emphasizing the ability and strength of the exchange to guarantee the safety of its users, Huobi Global has declared that it has no plans to freeze users’ accounts or restrict them from initiating withdrawals.

So far, the wounded crypto exchange FTX has filed for Chapter 11 bankruptcy in a U.S court while the Chief Executive Officer, Sam Bankman-Fried has resigned.

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