Huobi Announces Its Reserves: Which Altcoins Are Leading?

Once upon a time China’s best cryptocurrency exchange Huobi Global released an asset transparency report on Sunday to reassure users that their funds are safe.

Huobi Announces It Has A Total Of $3.5 Billion In Its Reserves

The exchange has 191.84 million native tokens as of November 12. HT ($900 million), 9.7 billion TRX, 820 million USDT, 274,000 ETH and 32,000 BTC and ATOM, ADA, BCH, DOGE, DOT, MATIC, SHIB and ETC He held various other coins, including

The company’s approximately 108 million DOGE, 2 trillion SHIB, 60 million USDC, 55 million XRP, 299 thousand LEFT, 9 million MATIC, 209 thousand LTC, 550 thousand ETC, 3 million DOT, 15 million EOS has token.

The total estimated value of the reserves is $3.5 billion, the report said.

The announcement comes days after FTX, formerly the third-largest digital asset exchange by volume, crashed in response to a CoinDesk report that showed the balance sheet of the exchange’s sister company, Alameda Research, is primarily made up of FTX’s native token, FTT.

Since then, crypto exchanges around the world have been scrambling to publish proof of reserve to reassure users that their funds are not diverted to other investments. On November 10, leading crypto exchange Binance released a list of its cold wallets and reserves, announcing $69 billion in crypto reserves.

Huobi used the following statements in the reserve statement:

“Huobi is taking action now to disclose the balance details of our hot and cold wallets and make this disclosure a routine going forward.”

The exchange added in the report that it conducted a Merkle Tree Proof of Reserves audit earlier last month, when the exchange’s founder, Leon Li, sold a majority stake to About Capital.

Huobi has promised to release another Merkle Tree Proof of Reserves audit conducted by a third party within 30 days to further boost user trust.

*Not investment advice.