Whale Alert Report Shows $400M USDT Were Just Sent To Huobi

According to a Whale Alert report shows that $400 million USDT were just sent to Huobi over the past few hours, while the exchange denied all rumors of a possible turmoil as reported in the latest Huobi news.

Over $400 million worth of the biggest stable coin Tether has been sent to the crypto exchange over the past few hours. Two of the transactions were sent from an unknown address with about $304 million while another transfer worth $100 million was sent from Bitfinex. Whale Alert report shows that the popular service tracked large transactions and flashed a few times in a role. It caught three transfers worth $400 million in USDT all of which was sent to the popular crypto exchange Huobi.

Huobi Global Is Operating Normally

We have become aware of rumors within our community about the arrest of a Huobi senior executive by local officials. We can share with confidence that these rumors are false.

— Huobi (@HuobiGlobal) November 2, 2020

The first two transactions worth about $304 million were both sent from a single unknown address and they were carried out using TRON’s network. the first one was worth $100 million and the second was worth $204 million. The third transfer was carried out from Bitfinex to Huobi and was also worth $100 million bringing the total number to $404 million worth of USDT coins. At the time of writing, there’s no clarification regarding the purpose of these funds as bulls could speculate that it is a positive sign which shows someone aims to invest money into Bitcoin or another crypto. On the other hand, it could be used as collateral.

Right after the transfer happened, reports stated that it was rumored the COO of the exchange was investigating and that the Asian traders are panicking. The exchange was quick to dismiss all of this by saying that all of the management team members have been accounted for and have not been detained or arrested.

As reported earlier today, The global exchange Huobi denied the rumors about a senior executive being taken by the police, similarly to the OKEx situation that happened almost two weeks ago. The exchange has a monthly trading volume above $170 billion but denied the rumors that the senior executive of the platform was arrested. The rumors were initiated on social media that the COO Robin Zhu of Huobi Global Limited based in Singapore, has been arrested by authorities.