Due to some rumors, the trading volume on the Huobi crypto exchange plummeted significantly.
Huobi Global is a popular crypto exchange. According to media reports, Chinese crypto entrepreneur Justin Sun is the current owner of this company, but he has never openly disclosed that he is the core owner of Huobi. Justin is known for his popular crypto projects such as Tron (TRX), JustSwap exchange (Jst coin), Poloniex exchange, SunSwap (Sun coin), BitTorrent (BTT coin), ApeNFT (NFT), etc.
Just a few days ago, Chinese crypto blogger Colin Wu reported that Chinese police authorities have arrested huge numbers of people. The arrested persons worked as employees in key positions at the crypto exchanges.
Allegedly, these detainees directly or indirectly aided money laundering through cryptocurrency transactions, but no official report came from the Chinese authorities.
Following these reports, some people claimed that Huobi’s leadership had been arrested by the Chinese police for being linked to crypto gambling activities.
Some people claimed that Huobi will not be operational for the next few days, just like the Multichain protocol. All these negative reports and rumors acted as a catalyst to instill fear among Huobi customers.
According to the crypto-analytic exchange, the total value locked (TVL) fell to $2.5 billion at the time of writing, down from $3.09 on July 6.
In an interview with Cointelegraph media, a Huobi spokesperson confirmed that all of these rumors are false.
Also, a former Huobi employee confirmed that rumors about Huobi are not true.
Huobi Token
Huobi Token (HT) is a native crypto token of the Huobi crypto exchange and the current trading price of Huobi Token is trading at $2.66, after a sudden crash.
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