Huobi addresses concerns raised surrounding fake reserves ‘snapshot’

Huobi has addressed the concerns raised in response to Wu Blockchain's tweet, which revealed that over 10,000 ETH had been transferred out of the Huobi 34 wallet.

Huobi clarified that the hot wallet address is part of the advertised address and informed people worried that the company guarantees the security of user assets, 100% redemption, and will not put any restrictions on deposits and withdrawals.

On November 13, Huobi published its 'Work Report on Asset Transparency,' which detailed the disclosure of its hot and cold wallet balances. Huobi stated that disclosing its hot and cold wallets will become a standard procedure.

Concerns about the asset snapshot of the asset reserve began to emerge shortly after Huobi's disclosure statement. According to Wu Blockchain, Huobi transferred 10,000 Ethereum (ETH) from the Huobi 34 wallet to “Binance and OKX deposit wallets.”

At the moment of the snapshot, the wallet contained 14,858 ETH. The 10,000 ETH in question was removed from the wallet two minutes later.

The Huobi 34 wallet reported previously now has a total balance of about 18,000 ETH and is still seeing regular transactions in and out of the wallet.