Huobi Sees $94.2M Outflows Amid Insolvency Rumors, Denies Layoffs

• Huobi has seen over $94.2 million dollars in net outflows within the past week.
• Within the past 24 hours alone, approximately $60 million has flowed out of the exchange.
• Rumors of Huobi firing as many as 40% of employees are untrue, according to a spokesperson for Huobi.

Cryptocurrency exchange Huobi has seen a significant increase in net outflows over the past week, with over $94.2 million dollars flowing out of the exchange. Within the past 24 hours alone, approximately $60 million has been withdrawn from Huobi wallets with high balances, with a majority of those funds being in Tether USDT $1.00 Tether 0.00% MARKET CAP$66.27bVOL. 24H$144.19m USDT $144.21m , USD Coin USDC $1.00 USD Coin 0.00% MARKET CAP$43.99bVOL. 24H$16.78m USDC $16.78m , and Ether ETH $1,311 Ethereum +3.77% MARKET CAP$160.47bVOL. 24H$618.58m ETH $481.58k .

These drastic outflows have been allegedly triggered by rumors circulating on Twitter about Huobi laying off staff and shutting down internal communications amid insolvency issues. However, a spokesperson for Huobi has denied these rumors, stating that the planned layoff ratio is about 20% and has yet to be implemented. The layoffs are allegedly a part of the ongoing restructuring following Justin Sun’s acquisition of the firm.

Although these rumors have caused a significant decrease in Huobi’s net outflows, the exchange appears to have been unaffected by the allegations. Huobi has since released a statement denying the rumors and assuring customers that their funds are safe. The statement reads: „Huobi Global remains a safe, secure, and reliable platform for our customers and we continue to operate as normal. We are confident that any market volatility will be short-lived and we will continue to service our customers in the same manner as before.“

It is clear that the rumors circulating about Huobi have had a drastic effect on the exchange’s net outflows. However, the exchange’s response to the allegations has been quick and effective, with Huobi taking measures to ensure customer funds are safe and secure. As the cryptocurrency market continues to evolve, Huobi will remain a reliable platform for users looking to buy, sell, and trade digital assets.

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