Over $400 million worth of the most popular stablecoin Tether (USDT) has been sent to the cryptocurrency exchange Huobi over the past couple of hours.
Two of the transactions were sent from an unknown address with a total worth of around $304 million, while another transfer worth $100 million was sent from Bitfinex.
Over $400 Million Worth of USDT Flows In Huobi in Hours
Whale Alert, the popular service that tracks abnormally large transactions, just flashed a few times in a role. It caught three transfers, collectively worth over $400 million in USDT, all of which was sent to the popular cryptocurrency exchange Huobi.
Interestingly enough, the first two transactions, worth around $304 million, were both sent from a single unknown address. They were carried out using TRON’s network. The first one was worth $100 million, while the second was worth $204 million.
The third transfer was carried out from Bitfinex to Huobi, and it was also worth $100 million, bringing the total number to $404 million worth of USDT.
At the time of this writing, there’s no further clarification regarding the purpose of the funds. Bulls might speculate that it’s a positive sign, showing that someone intends to invest the money into Bitcoin or another cryptocurrency. On the other hand, it could be used as collateral.
Huobi Denies Rumors of Internal Turmoil
Almost immediately after the transfers took place, reports started surfacing, indicating that it was rumored that the COO of the company was reportedly investigating and that Asian traders are in panic.
The exchange was very quick to dismiss all of this, saying that:
All of Huobi’s management team members have been accounted for and have not been detained or arrested.
We understand that the spread of false information can lead to concerns about the safety of user assets, but please rest assured your assets are safe.
Huobi Global Is Operating Normally
We have become aware of rumors within our community about the arrest of a Huobi senior executive by local officials. We can share with confidence that these rumors are false.
— Huobi (@HuobiGlobal) November 2, 2020