Huobi Suffers Capital Outflow Amid Rumors

CryptoQuant data indicate a significant increase in the outflow of Bitcoin funds from Huobi Global over the past 24 hours. The firm has publicly denied rumors of the arrest of one of its executives.

In a tweet posted on November 2, Huobi stated that rumors of the arrest of one of Huobi's executives by local authorities are false. All members of Huobi's management team have not been prosecuted, detained or arrested. Spreading false information can raise concerns about the security of user assets. However, the exchange assured that clients' assets are safe.

According to CryptoQuant, the growth of outflows peaked yesterday afternoon. As market data released by CoinGecko shows, rumors have also influenced the price of the Huobi token. The token price has dropped by more than 9 percent in the last 24 hours. At the time of writing, the token price was $3.61.

Image from Huobi blog

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