Altcoins, Cryptocurrency, Cryptocurrency Exchange, News, Tether (USDT)

Chinese Authorities Arrest Huobi’s COO “Rumors Are False,” Says Company

Rumors regarding the arrest of the Chief Operating Officer (COO) of the cryptocurrency exchange Huobi have been spreading on social media recently. As reported by a Chinese Media outlet, Huobi’s senior executive Robin Zhu Jiawei has been taken into custody by Chinese authorities. However, the officials of the Singapore-based exchange have said that there is no truth regarding these rumors.

The cryptocurrency exchange has openly denied these rumors spreading on social media that have alleged that the exchange’s senior executive has been put under investigation by the authorities of China. Huobi said that it became aware of these rumors arising in the community. The company said that it can say with confidence that all of these rumors are absolutely false.

Furthermore, it said that false information may arise concerns among users regarding the safety of their assets. However, Huobi assured that their assets are safe and secured. “All of Huobi’s management team members have been accounted for and have not been detained or arrested,” it added.

Huobi claimed that these unspecified rumors have not affected the operations of the exchange saying that it is running all of the operations normally. Deposits, withdrawals, and trading all are running as usual.

Meanwhile, a large inflow of the Tether (USDT) stablecoin into the crypto exchange was witnessed shortly after Huobi denied rumors. According to the Twitter bot Whale Alert, an amount of more than $400 million worth of Tether (USDT) was transferred to the wallets of the Huobi exchange. This transaction occurred within the duration of just a few hours following the news.

This amount was sent into three separate transactions. Out of these three, two transactions were made from an unknown wallet address that sent $100 million and $204 million in USDT to the Huobi exchange, respectively. While on the other hand, the third transfer was made from the Hong Kong-based digital currency exchange Bitfinex. In this transaction, a total of $100 million was moved to Huobi. However, it has not been revealed so far the real reason behind the transfer of these funds into the Huobi exchange.

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