A significant drop in trading volume has been observed at Huobi Global, which has gone from around $1.6 billion to $1.23 billion in the past day.
This is due to rumors about the exchange’s financial issues and internal conflicts. The Huobi Token and TRON tokens have also witnessed a decrease in value.
Ethereum has experienced a 7-day net flow of -$34.9 million. The HT token makes up a majority of the Huobi portfolio, which is currently valued at $908 million, while the portfolio balance for Ethereum is $2.1 billion and the balance across all chains is $2.9 billion.
Justin Sun, Huobi’s advisor, tweeted that the exchange’s business is doing well and that its infrastructure is safe; however, these claims have been met with doubt.
Reports allege that Sun is attempting to replace Huobi staff’s salaries from fiat to USDT or USDC, resulting in protests from the employees, and that the exchange will be deregistering as a domestic entity, with employees needing to sign an agreement with an offshore entity.