Summary:
There were unconfirmed reports of Huobi’s Chief Operating Officer being investigated by Chinese authoritiesThe news triggered a massive withdrawal of Bitcoin from HuobiHuobi Token (HT) has been hit hard by the news falling by 22%The team at Huobi have stated that such reports are rumors
In the last 24 hours or so, the crypto exchange of Huobi has been the subject of discussion amongst several crypto communities as it was reported that the platform’s COO was being investigated by authorities in a manner similar to OKEx‘s founder.
According to one report by Colin Wu shared below, the prospects of a Huobi executive being under investigation triggered panic selling at the exchange that resulted in the Huobi Token taking a nosedive in the crypto markets.
HT suddenly fell sharply, 100 million USDT was transferred, COO was reported to be investigated but there was no response temporarily, triggering panic in the Chinese market. Huobi is the largest exchange in China. After the OK, Huobi was also panicked. pic.twitter.com/oQtQBQhh1N
— Colin Wu(WuBlockchain) (@WuBlockchain) November 2, 2020