Huobi Publishes Transparency Report

With the collapse of Sam Bankman-Fried’s crypto empire, other cryptocurrency exchanges began publishing transparency reports.

Huobi Global, once the largest cryptocurrency exchange in China, has released an asset transparency report to give users assurance that their funds are safe. According to the published report, as of November 12, 2022, 191.84 million Huobi native tokens HT (worth $900M), 9.7 billion TRX, 820 million USDT, 274,000 Ether (ETH), 32,000 Bitcoin (BTC) and many other cryptocurrencies on Huobi Global. units were stated.

The report also stated that the total market value of the reserves is $3.5 billion. Huobi Global’s release of its transparency report comes after the CoinDesk report, which shows that the balance sheet of Alameda Research, the sister company of FTX, formerly the third-largest cryptocurrency exchange by daily trading volume, consists mainly of FTT assets.

Huobi Global used the following statements in this report:

“Huobi is taking action now to clearly state the balances of our hot and cold wallets and make that transparency a routine going forward.”