Huobi discloses reserves; exchange holds assets worth $3.5 billion

The cryptocurrency exchange Huobi shared information about the balances of hot and cold wallets. The estimated value of the platform’s reserves was $3.5 billion.

#Huobi‘s Work Report on Asset Transparency (I)
🔥#Huobi is acting now to disclose the balance details of our hot and cold wallets and make this disclosure a routine going forward.
👇

— Huobi (@HuobiGlobal) November 13, 2022

As of November 12, 2022, the exchange held on its balance, including:

• more than 191 million HT tokens;
• 9.7 billion TRX;
• 820 million USDT;
• 274,000 ETH;
• 32,000 BTC.

The company promised to publish such reports on a regular basis. According to the statement, the exchange also hired an external firm to conduct an additional audit of the reserves.

As part of the Merkle Tree Proof of Reserves procedure, an independent organization will take a snapshot of the exchange’s wallets and compile them into the Merkle Tree.

Despite the disclosure of reserve information, HT prices over the last 24 hours fell by nearly 17%, according to CoinGecko. At the time of writing, the asset was trading around $4.40.

Earlier on November 10, the cryptocurrency exchange Binance also disclosed information about its reserves.

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