Huobi Exchange Experiences Millions in Outflows Amidst the Layoff Drama
2022 has been difficult for the cryptocurrency industry for various reasons. However, cryptocurrency enthusiasts have been hoping for a brigHT and bullish 2023. 2023 began with less drama. However, Huobi has now been caugHT in the spiral.
There were rumors that Huobi planned to lay off hundreds of employees in the coming weeks. Perhaps the rumors have now been confirmed, as the exchange said that it will lay off hundreds of employees in the coming weeks.
Ever since the news hit the streets, the TRX token fell by 7.48% in the last 24 hours, followed by Huobi’s HT token, which also lost 11% during the same period, according to the data from CoinMarketCap. Furthermore, TRON’s stablecoin USDD has depegged and is now trading at $0.9787. Now, according to the latest reports, the exchange is experiencing heavy outflows.
Nansen reports reveal heavy outflows as skepticism rises
According to the Nansen data, the Huobi exchange is witnessing turbulent trading and outflows of $64 million in the last 24 hours. On-chain data also reveals that the exchange has experienced over $100 million in weekly outflows.
Nansen also clarifies that the top withdrawals are mainly in USDT, USDC, and ETH. On-chain data also reveals that Justin Sun withdrew $100 million in USDC and USDT from Binance and transferred it to Huobi.
The current outflows from the exchange are an evident drop in reliability, as the exchange is going through a tough situation. The outflows depict that users are just being cautious to avoid another FTX situation.
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