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Crypto Executive’s Arrest Rumors – Not True!

Huobi has denied rumors that one of their senior executives has been arrested.

All of Huobi’s management team members have been accounted for and have not been detained or arrested,” a tweet from Huobi Global notes. “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.”

Formerly, rumors have circulated in social media that COO Robin Zhu, who lives in Singapore, had been arrested by the authorities.

Huobi’s assurances didn’t stop the users from withdrawing funds; they find themselves in the same boat as users OKEx. Xu Mingxing has been detained by police last October 16, with no news on when it will be lifted.

Several hours before the arrest rumors have been addressed, Huobi tweeted that it used a multi-signature process for withdrawals so that the users didn’t have to rely on a single-key holder. Last week, OKEx replied to the speculations that it used a single-signature Bitcoin wallet. Though it claimed that it didn’t, the halting of withdrawals compares with the detention of Xu.

According to CryptoQuant, a lot of Bitcoin left the chain earlier today all at once: CryptoQuant says a lot of Bitcoin left the chain earlier today.

At the same time, significant inflows of Tether made their way into Huobi wallets, possibly to ease the traders’ nerves.

Over the last 24 hours, the Huobi token has been down to 10%.

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