Crypto Chronicle with NewsCrypto

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Huobi's In Trouble Steady Lads, Everything is OK

Ah, Huobi, the crypto exchange that seems to have more plot twists than a telenovela. Let's dive into the latest episode, shall we?

On a sunny day in Hong Kong, local news outlets were buzzing with whispers that senior executives of Huobi had been arrested by Chinese police. But wait!

Before you drop your coffee, Huobi was quick to label this as "fake news." And who comes to the rescue? None other than the ever-controversial blockchain personality, Justin Sun, the de-facto owner of the exchange.

He brushed off the news as mere FUD (Fear, Uncertainty, Doubt). But, another telenovela plot twist is around the corner!

Adam Cochran, partner of Cinneamhain Ventures, stirred the pot by claiming on Twitter that Justin Sun sneakily withdrew a cool $60 million from the exchange post-rumors. Cochran also hinted that some Huobi staff might be under a "tiny" criminal investigation. But who's counting, right?

Now, if you're wondering how Huobi's doing amidst all this drama, Justin Sun paints a rosy picture. According to him, Huobi raked in over $85 million in profits in Q2 2023, with a projected $100 million for Q3 2023. Not too shabby, especially considering the exchange faced an internal revolt earlier this year. Allegedly, they decided to play Scrooge by slashing a majority of employment benefits.

However, if you're a numbers person, you might raise an eyebrow at Huobi's USDT reserves, which took a nosedive from $630 million to a mere $85 million in a month.

Their total assets also shrunk a bit, going from $3.1 billion to $2.5 billion in the same period but just recently rebounded back to ≈$3.1 billion. And here's a fun fact: a whopping 26.5% of Huobi's holdings are in TRX, TRON’s token, and 20.32% of the holdings are in HT, its exchange token. They also boast about $1 billion in highly liquid assets, including a hefty chunk in Bitcoin.

Before we move on to the another breaking news from this week let’s look at the Huobi assets’s (in USD):

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What Does Binance's PoR Tell Us?

Before we start going deeper, PoR = Proof of Reserves.

Binance's USDC reserves have recently been in the limelight, and it's not just because of cheeky CZ comments at the Q2 earnings call. Here's what’s going on:

Binance, aiming for top-tier transparency, unveiled its PoR on August 1. All looked peachy, with the exchange flaunting enough crypto and cash to cover user funds. Their net balances even exceeded customer net balances by over 100% for all assets. Impressive!

But, of course that’s not all! In the world of crypto there always has to be another twist to spice things up.🌶️

The movement of Binance's USDC reserves around Silvergate's collapse raised eyebrows. From a cool $3.4 billion on March 1, Binance's USDC stash plummeted to just $23.9 million by May 1. That's like going from a billionaire's yacht to a rubber dinghy.

On-chain data suggests that post-Silvergate's collapse, Binance went on a crypto shopping spree, converting its USDC reserves into Bitcoin (BTC) and Ether (ETH). They bought around 100,000 BTC and 550,000 ETH between March 12 and May 1, equivalent to their USDC surplus.

The buzz is that Binance might've swapped USDC for Binance’s own stablecoin BUSD. Oh, the intrigue! Unfortunately we will have to wait to see how the story unfolds…

Stay tuned and keep reading our newsletter! 🤝

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