Huobi Receives $200M USDT, $9M Ether From Whale

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By coindesk.com August 08, 2023 In Bitcoin, Huobi, Tether

Transfers occur as outflows from the exchange continues.

Huobi logo on a smartphone (Shutterstock)

The deposits bring Huobi’s supply of USDT up to $273 million, according to DeFi Llama data.

Huobi also has a balance of $400 million stUSDT, a Sun-backed project described as the “first real-world asset protocol on the Tron Network” though its not yet widely supported.

These transactions come as outflow from Huobi continues. Data from Nansen.ai shows that in the last week, $92.2 million in Ethereum-based tokens have flowed off the exchange, while $101 million in total across all blockchains has moved during the same time period.

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Part of the reason for the ‘run’ on the exchange are unsubstantiated rumors that Huobi executives have been detained in China, which a spokesperson has denied.

Huobi’s HT token is down 2%, trading hands at $2.62.

Edited by Parikshit Mishra.

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