The tension that arose in the crypto space due to the fallout of the FTX exchange has brought about the need for crypto exchange platforms to become transparent as regards their financial position.
Huobi, a crypto exchange based in Seychelles has revealed its assets in a bid to foster transparency with its customers. The report revealed Huobi’s total assets to be estimated at $3.5 billion with Bitcoin having an estimated reserve of 37,000, Ethereum 274,000, Tether (USDT) 820,000,000, and Tron (TRX) 9.7 billion.
Huobi also made a pledge to continue the disclosure of its assets going forward. According to the platform, this will be an avenue to show its commitment to prioritizing the interest of its customers and the protection of its assets.
The report also revealed that Huobi performed an audit known as the Merkle Tree Proof of Reserves when About Capital took over as the major shareholder in October in order to satisfy due…
