Crypto: Huobi Emphasizes Transparency After FTX Fall

The crypto markets are in turmoil. Because ? The collapse of the world’s second largest exchange, FTX. Following the crisis caused by this situation, more and more cryptocurrency platforms are opting for transparency. Along these lines, Huobi recently reported on its holdings in its portfolios.

Huobi presents its balance, 3.5 billion dollars in all!

2022 is definitely not the best year for the crypto ecosystem. After the fall of Terra, it’s FTX’s turn to sow panic. In view of all the rumors about the collapse of the Sam Bankman-Fried exchange, the other exchanges decide to reassure their customers.

Indeed, Huobi recently unveiled the balance of its hot and cold wallets. The latter is estimated at around 3.5 billion dollars. According to statements by the Seychelles-based crypto exchange, it holds 9.7 billion Tronix, 32,000 bitcoins (BTC), 820 million Tethers and 274,000 ethers (ETH).

Acquired by About Capital last month, Huobi intends to bet on transparency. To do this, he plans an audit of the Merkle tree which aims to prove his reserves in the next thirty days. For the cryptocurrency exchange, this initiative is their commitment and promise that user assets are intact and withdrawable at all times.

Aside from Huobi, Bitfinex also disclosed its reserve balance last Friday. According to the details, its reserves include $1.5 billion in Ether and $3.4 billion in BTC. In the same vein, several major players in the sector have promised to share proof of their reservations.

The collapse of FTX comes at a time when the market is quite unstable. Remember that most assets are not looking good. With prices relatively low relative to their ATH, the uptrend is struggling to regain the upper hand. Thus, with this new crisis, many exchanges tend to protect themselves and reassure their customers. However, the questions remain. The collapse of two major exchanges in a single year has people wondering what will happen to the crypto industry.

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