Robin Zhu got Arrested?
Huobi manager was rumored to have been arrested. Despite denials, many investors are selling their bitcoins
Author:Rhyley CarneyReviewer:Paula M. GrahamFeb 04, 2021250.8K Shares3.3M Views
Unconfirmed reports say that on Monday, the COO of the Singapore-based Huobi Bitcoin exchange was arrested. Huobi refuted these reports himself, saying that Robin Zhu was on a regular business trip and would be attending a Tuesday meeting. Any holders, however, have not allowed themselves to be appeased and have already begun to reduce their Bitcoin deposits. After all, Huobi is one of the biggest Bitcoin exchanges in the world. The rumors are obviously reverberating.
Huobi was quoted by the news portal Coindesk in a recent article as follows:
"Confidentiality will tell us that these reports are false. Both HUODI management team members have been held responsible and have not been arrested or detained."
Huobi once again made it clear that the money of investors was 'completely secure' amid these rumors. Bitcoin payments of more than 500 million US dollars from Huobi have already been recorded within a very short period by the blockchain tracker whale alert, however. Huobi now officially operates from Singapore but has its origins in China. Apparently, warning bells rang for many investors after the reports had spread. But not that they blame Robin Zhu or the trading center of unethical activities.
Is Huobi The Focus Of China’s Authorities?
Instead, it seems that investors are fearful of collaboration between Huobi and the Chinese authorities. Any famous Chinese crypto firms have already existed, whose executives cooperated with the police and investigating authorities. This knowledge was not acknowledged by the corporations for a long time. Apparently, many are now wary of a related Huobi situation.
The reports about Dong Zhao, the co-founder of the Chinese crypto site Renrenbit, made the rounds only in June of this year. The business reported the reports after a solid two weeks that it was assisting the police in their inquiries. Problems with the Chinese OKEx crypto exchange have been around since October.
It's also annoying that huge tether amounts (USDT) appeared at Huobi in the same breath when Bitcoin purchases took place. About $400 million is the cumulative value of only two sales. Shortly after these two moves, news of Zhu's detention arose. As the cause of these two massive numbers is unknown, one can only guess about the context at present.
Rhyley Carney
Author
Paula M. Graham
Reviewer
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