{"id":175135,"date":"2020-11-03T00:00:19","date_gmt":"2020-11-03T00:00:19","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=175135"},"modified":"2020-11-02T19:47:03","modified_gmt":"2020-11-02T19:47:03","slug":"huobi-denies-rumors-of-executives-arrest-as-bitcoin-outflows-continue","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/huobi-denies-rumors-of-executives-arrest-as-bitcoin-outflows-continue\/","title":{"rendered":"Huobi denies rumors of executive&#8217;s arrest as Bitcoin outflows continue"},"content":{"rendered":"<p>Following the OKEx founder's arrest that resulted in over 200,000 BTC being caught in limbo due to him being the sole holder of the multi-sig withdraw keys, Bitcoin investors have been wary of holding their coins on centralized exchanges.<\/p>\n<p>Huobi \u2013 a Chinese-founded cryptocurrency exchange now based in Singapore \u2013 has recently been shrouded in rumors regarding one of its senior executives being arrested.<\/p>\n<p>The rumors have spread across social media like wildfire and have sparked a massive exodus of funds from the platform.<\/p>\n<p>According to CryptoQuant, net <a href=\"https:\/\/cryptoslate.com\/bitcoin-in-overbought-territory-says-researchers-as-btc-suddenly-corrects\/\">Bitcoin outflows<\/a> from Huobi have been rocketing over the past 24-hours, signaling that users are afraid that the platform will face a similar problem as <a href=\"http:\/\/cryptoslate.com\/companies\/okex\">OKEx<\/a>.<\/p>\n<p>Despite these concerns, the exchange released a statement earlier today that claims all the executive staff is fully accounted for and that the rumors regarding one of them being arrested are both false and baseless.<\/p>\n<h2><strong>Huobi faces rumors regarding the executive\u2019s arrest<\/strong><strong>\u00a0<\/strong><\/h2>\n<p>Rumors have been spreading on Chinese social media platforms regarding a senior executive at <a href=\"https:\/\/cryptoslate.com\/companies\/huobi-global\/\">Huobi<\/a> being arrested by authorities.<\/p>\n<p>These rumors have so far been entirely baseless, with no evidence to support them.<\/p>\n<p>The <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a> and crypto trading platform confronted these claims in <a href=\"https:\/\/twitter.com\/HuobiGlobal\/status\/1323308549573734400\">a tweet thread<\/a> from earlier today, stating that they can \u201cshare with confidence\u201d that they are false.<\/p>\n<blockquote><p>\u201cHuobi 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.\u201d<\/p><\/blockquote>\n<p>They further stated that they have accounted for all of their executive team members and reassured users that all their assets are safe.<\/p>\n<blockquote><p>\u201cAll of Huobi\u2019s management team members have been accounted for and have not been detained or arrested. We understand that the spread of false information can lead to concerns about the safety of user assets, but please rest assured your assets are safe.\u201d<\/p><\/blockquote>\n<h2><strong>Users remove Bitcoin from Huobi at a rapid pace<\/strong><\/h2>\n<p>Although there\u2019s a decent likelihood that the rumors are false, users aren\u2019t taking any chances.<\/p>\n<p>Per data from <a href=\"https:\/\/twitter.com\/cryptoquant_com\/status\/1323307730325573632\">CryptoQuant<\/a>, the platform has seen a massive exodus of Bitcoin over the past day, with its net outflows hitting 4,241 BTC and growing rapidly.<\/p>\n<blockquote><p>\u201cLooking at Huobi netflow, BTC outflow has soared in the last eight hours.\u201d<\/p><\/blockquote>\n<figure id=\"attachment_175136\" aria-describedby=\"caption-attachment-175136\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-175136 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/11\/El1VH3mUcAEUUIs-1024x818.jpg\" alt=\"Bitcoin\" width=\"1024\" height=\"818\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/11\/El1VH3mUcAEUUIs-1024x818.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/11\/El1VH3mUcAEUUIs-300x240.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/11\/El1VH3mUcAEUUIs-768x614.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/11\/El1VH3mUcAEUUIs.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-175136\" class=\"wp-caption-text\">Data Source: CryptoQuant<\/figcaption><\/figure>\n<p>This will likely only be a short-term trend, but the damage may be irreversible due to users\u2019 degrading trust in centralized platforms.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following the OKEx founder&#8217;s arrest that resulted in over 200,000 BTC being caught in limbo due to him being the sole holder of the multi-sig withdraw keys, Bitcoin investors have been wary of holding their coins on centralized exchanges. Huobi \u2013 a Chinese-founded cryptocurrency exchange now based in Singapore \u2013 has recently been shrouded in [&hellip;]<\/p>\n","protected":false},"author":174,"featured_media":175141,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[60786],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Huobi denies rumors of executive&#039;s arrest as Bitcoin outflows continue<\/title>\n<meta name=\"description\" content=\"Huobi \u2013 a Chinese-founded Bitcoin exchange now based in Singapore \u2013 has been facing rumors regarding one of its executives being arrested.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/huobi-denies-rumors-of-executives-arrest-as-bitcoin-outflows-continue\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Huobi denies rumors of executive&#039;s arrest as Bitcoin outflows continue\" \/>\n<meta property=\"og:description\" content=\"Huobi \u2013 a Chinese-founded Bitcoin exchange now based in Singapore \u2013 has been facing rumors regarding one of its executives being arrested.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/huobi-denies-rumors-of-executives-arrest-as-bitcoin-outflows-continue\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-03T00:00:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-11-02T19:47:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/11\/arrest.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Cole Petersen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cole Petersen\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/huobi-denies-rumors-of-executives-arrest-as-bitcoin-outflows-continue\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/huobi-denies-rumors-of-executives-arrest-as-bitcoin-outflows-continue\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#person\",\"name\":\"Cole Petersen\",\"url\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"caption\":\"Cole Petersen\"},\"jobTitle\":\"Journalist\",\"description\":\"Cole is a freelance journalist and university student studying philosophy. 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