Is there any coin to watch out for? Like what to sell of before anything else? Because apparently it could really affect a lot of people especially those who have been investing in something.
I think people can start selling off or withdrawing their assets from Huobi to be safe right?
Maybe it's time for shorting? Not financial advice
Topic: Huobi - the new trouble spot of the crypto world ? - page 3. (Read 369 times)
That's why when I've seen that stUSDT on the tron network, I didn't put any interest on knowing it more. I'm a noob on that part and have that impression that it's just like the Luna thing.
Well, it won't be a surprising thing when withdrawals comes through rushing on them and they won't be able to process the quickness of it and then will turn into delay in withdrawals and much worse halt all of it.
Well, it won't be a surprising thing when withdrawals comes through rushing on them and they won't be able to process the quickness of it and then will turn into delay in withdrawals and much worse halt all of it.
The following news was released on forklog today:
Huobi has failed to show a net profit for the past four quarters, but expects to break even in October-December. This was reported to The Block by Tron co-founder Justin Sun, who is credited with controlling the bitcoin exchange.
He did not cite specific values. Sun acknowledged that Huobi spent "too much" on marketing, advertising and salaries, but by now the platform has optimized costs.
With the exception of the previous four quarters, the exchange's operations since its launch in 2013 have been profitable, he added.
https://forklog.com/news/dzhastin-san-priznal-ubytochnost-huobi
Huobi has failed to show a net profit for the past four quarters, but expects to break even in October-December. This was reported to The Block by Tron co-founder Justin Sun, who is credited with controlling the bitcoin exchange.
He did not cite specific values. Sun acknowledged that Huobi spent "too much" on marketing, advertising and salaries, but by now the platform has optimized costs.
With the exception of the previous four quarters, the exchange's operations since its launch in 2013 have been profitable, he added.
https://forklog.com/news/dzhastin-san-priznal-ubytochnost-huobi
This case has some similarity like FTX where Sam Bankman Fried lied to their customers, but the difference is Huobi not get hacked, while FTX does.
It's really sad if Huobi is become a scam exchange because they never get hacked, they have a good record even though they're not able in the top 3 exchanges. Binance only sell USDT that linked with Tron network, so USDT will not collapse yet.
My answer: just one less exchange.
It's really sad if Huobi is become a scam exchange because they never get hacked, they have a good record even though they're not able in the top 3 exchanges. Binance only sell USDT that linked with Tron network, so USDT will not collapse yet.
My answer: just one less exchange.
If this is turns out to be true, it will be another cryptocrisis, it will not be as big as FTX since Huobi is not even on the top 10 Exchange, but still Huobi is not a small exchange it will have significant impact on the market. But all of that if the rumor was true, until I write this reply the only news I got is this https://www.cryptopolitan.com/huobi-and-tron-executives-allegedly-arrested/ and it only based on the twitter thread by Adam Cohran. This is not the first time Huobi executive has been allegedly arrested, but the previous allegation has been denied, so I would still be skeptical.
The waves of problems on Binance have not subsided, as it started with Huobi ...
Unexpected news:
-Huobi top executives and TRON developers arrested in China.
-Binance has started a massive sell-off of USDT.
-USDT has been in a mild deprivation for a week now.
-Huobi's balance dropped from $700 to $90 million in a month. -The Merkle Huobi tree (a balance sheet publication introduced after the FTX crash) hasn't been updated in a month.
Steaking USDT with a 4.29% yield is the main source of the problem.
What is the essence of steaking
You buy stUSDT notes with your USDT. Justin Sun is supposed to buy US bonds with them, but as analyst Adam Cochran writes, he doesn't. Instead, investors' USDTs are deposited in the addresses of the exchange and Justin Sun's personal wallets.
He spends them to support his other projects. And in a moment, if everyone wants to withdraw their USDT, Huobi simply won't have the money to process the withdrawal.
This is also the case with ETH. Sun has turned them into stETH. Users think there are 141,000 ETH on the balance in Huobi, but no.
New cryptocrisis or just 1 less exchange on the market ?
Unexpected news:
-Huobi top executives and TRON developers arrested in China.
-Binance has started a massive sell-off of USDT.
-USDT has been in a mild deprivation for a week now.
-Huobi's balance dropped from $700 to $90 million in a month. -The Merkle Huobi tree (a balance sheet publication introduced after the FTX crash) hasn't been updated in a month.
Steaking USDT with a 4.29% yield is the main source of the problem.
What is the essence of steaking
You buy stUSDT notes with your USDT. Justin Sun is supposed to buy US bonds with them, but as analyst Adam Cochran writes, he doesn't. Instead, investors' USDTs are deposited in the addresses of the exchange and Justin Sun's personal wallets.
He spends them to support his other projects. And in a moment, if everyone wants to withdraw their USDT, Huobi simply won't have the money to process the withdrawal.
This is also the case with ETH. Sun has turned them into stETH. Users think there are 141,000 ETH on the balance in Huobi, but no.
New cryptocrisis or just 1 less exchange on the market ?
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