Huobi’s TVL drops to $2.5B amid rumors of insolvency, investigations in China By Cointelegraph
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Cryptocurrency exchange Huobi has seen outflows worth $64 million between Aug. 5-6, amidst ongoing rumors about its solvency and that Chinese authorities were investigating its executives. Outflows over the weekend resulted in the exchange’s total value locked (TVL) falling to $2.5 billion at the time of writing, down from $3.09 on July 6.
Rumors that the exchange’s leadership had been arrested in China first surfaced on Aug. 4, as part of an alleged investigation about the exchange’s dealings with gambling platforms. Speaking to Cointelegraph, a Huobi spokesperson labeled the claims as fake news. Rumors surface as authorities are reportedly tightening up control over cryptocurrency exchanges in mainland China.
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Cryptocurrency exchange Huobi has seen outflows worth $64 million between Aug. 5-6, amidst ongoing rumors about its solvency and that Chinese authorities were investigating its executives. Outflows over the weekend resulted in the exchange’s total value locked (TVL) falling to $2.5 billion at the time of writing, down from $3.09 on July 6.
Rumors that the exchange’s leadership had been arrested in China first surfaced on Aug. 4, as part of an alleged investigation about the exchange’s dealings with gambling platforms. Speaking to Cointelegraph, a Huobi spokesperson labeled the claims as fake news. Rumors surface as authorities are reportedly tightening up control over cryptocurrency exchanges in mainland China.
Continue Reading on Coin Telegraph
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