Cryptocurrency exchange Huobi discloses its cryptocurrency reserves in hot and cold wallets
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Answer Cryptocurrency exchange Huobi discloses its cryptocurrency reserves in hot and cold wallets
The tension created in the crypto space over the FTX fallout has led to the need for cryptocurrency exchanges to become transparent regarding their financial status.
Huobi, a Seychelles-based cryptocurrency exchange, has unveiled its assets in an effort to promote transparency with its clients.
The report revealed that Huobi’s total assets are estimated at $3.5 billion with reserves estimated at 37,000 BTC, 274,000 Ethereum, 820,000,000 Tether (USDT), and 9.7 billion TRX.
Huobi also pledged to continue to disclose its assets in the future.
According to the platform, this will be a way to show its commitment to prioritizing the interests of its clients and protecting its assets.
Read:How can cryptocurrency be recovered if the Ledger hardware wallet is lost?
The report also revealed that Huobi conducted an audit known as Merkle Tree Proof of Reserves.
Huobi added that there are already plans to repeat the audit process using a third party within 30 days of this writing.
Huobi Group is expanding despite challenges in the crypto ecosystem.
Huobi announced in October that it was ready to sell a majority of its shares to About Capital, a Hong Kong-based investment firm.
The sale offer was announced shortly after it was speculated that Huobi founder Leon Lee was looking for a buyer for his roughly 60% stake in Huobi and was bidding for at least $1 billion at the time.
Huobi recently announced that it will establish its headquarters in the Caribbean.
Justin Sun, who was rumored to have bought Huobi, but was later appointed as a special advisor on the Huobi Board of Directors, said he met with the Prime Minister of Dominica.
Sun believes that the Caribbean is a friendly community for the crypto market and that Huobi will also help develop its own crypto framework.
Read:A total of 2.3 million bitcoins have not moved in over 10 years…Details here
All of these transparency moves are in an effort to eliminate any threat to the company’s global growth.
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