Tag: Huobi

Russian tech entrepreneur Sergey Mendeleev, known for his involvement in various crypto ventures, has embarked on a new project called Exved. Announced on December 7, 2023, Exved is a Russian firm set to facilitate exchanges between Tether (USDT), rubles, and the dollar, potentially impacting the landscape of digital currency exchanges. Mendeleev is also the co-founder of the sanctioned crypto exchange Garantex.

The prominent crypto exchange Huobi has embarked on a rebranding journey and is now known as HTX. This transformation marks a significant milestone as the company celebrates a decade of existence in the industry, combining the core values of Huobi, the TRON token, and the essence of crypto exchange. Recently, rumors of financial problems and possible insolvency have plagued Huobi, in addition to regulatory challenges.

Analyst Adam Cochran has raised concerns about the financial soundness of crypto exchange Huobi, pointing out potential inconsistencies in its Tether (USDT) assets. Cochran's review of Huobi's "Merkle Tree Audit" reveals a stark contrast between the reported $90 million in Huobi's accounts and the $631 million worth of USDT believed to be held by its users. Adding to the concern, the Merkle Tree Audit hasn't been updated recently.

The Hong Kong-based investment firm About Capital Management (ACM) announced in early October 2022 that it had acquired Huobi, a crypto exchange founded by Leon Li in China in 2013. The acquisition was orchestrated by Justin Sun, the founder of TRON and Poloniex. Sun assumed a position on the Huobi Global Advisory Board but said that he did not hold any controlling ownership of Huobi. In May 2023, ACM said it no longer controls Huobi; its current owners are still unknown!

There is currently a call on Twitter from the video game developer FractureLabs, a partner and customer of the crypto exchange Huobi. FractureLabs is the developer of the blockchain-based multiplayer survival game Decimated and, in this context, also issued its DIO token and listed it on Huobi. Now FractureLabs claims to have been scammed by Huobi and turns to Twitter to collect data from the community for planned legal action against the crypto exchange.