- $350 million BTC outflow reported after Huobi COO arrest.
- Huobi COO arrest cases unrest amongst Chinese crypto-traders.
- China’s crypto ban continues while the US is busy with elections.
Bitcoin trading has been witnessing major fluctuations this season. Maintaining a bullish trend, leading to a record high of $ 14,100, as well as major players like Paypal joining the expedition have been some of the highs experienced by the cryptocurrency king in recent times.
With such positive attributes to its name, however, consistent waves of fear engulf the Crypto market with BTC platforms being under legal investigations, the recent case putting Crypto trading giant Huobi under scrutiny.
Outlawing of cryptocurrencies in China led to the Chinese founded Bitcoin (BTC) Trading Platform to move its setup to Singapore. In spite of moving out, Chinese officials have continues to hold back senior officials of the firm to hold inspections.
Huobi COO arrest
Reports confirm the arrest of BTC giant Robin Zhu Jiawei, COO, Huobi. The news comes soon after the scandalous arrest of XuMingXing, OKEx owner, resulting in deferring withdrawals at the firm. While Huobi officials continue to deny the allegations, continued reports of the same are impossible to deny.
Huobi had taken massive steps to secure the platform’s funds after the arrest of OKEx owner including the cease of withdrawals. The BTC net outflow of more than 26,000 BTC worth $350 million has been reported on the 2nd of November, 2020. Huobi and OKEx are holders of 460,000 BTC combined. This hauls for a worth of $3.5 billion.
With the report of Huobi COO arrest, traders were witnessed absconding the platform and moving their BTC holding to Bitfinex. Whale alert reported an outflow of $110 million to Bitfinex, while Crypto Quant reported a net BTC outflow of over $55 million.
With the ban on digital trade and no explicit operational regulations in sight, Chinese crypto trading continues to witness unrest despite having a burgeoning crypto community.