Huobi

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[PRESS RELEASE – SinMichael Wanggapore, Singapore, 22nd March 2023]
Huobi, the virtual asset trading platform, has announced the launch of the Dominica Metaverse Bound Token (DMBT). The launch of DMBT is part of the rollout of the Dominica Metaverse Digital Citizen (DMDC), which was authorized by the government of Dominica in collaboration with TRON and DMC Labs.
DMBT serves as an on-chain identity for users who have completed their Level-3 KYC verification on Huobi. It serves as a credential for verified DMDC members and is a type of soulbound token (SBT) that is unique, non-transferable, and revocable.
After successfully completing the Huobi KYC process, users can obtain their Dominica Metaverse Digital Identity (DDID) and become a DMDC. DDID holders are eligible for a physical Dominica Metaverse Identification Card (DMIC). The potential benefits of DMDC membership may cover a variety of on-chain and off-chain use cases utilizing the DDID, including the facilitation of online KYC processes across international crypto trading or financial service platforms subject to local regulations, and collaboration with various membership programs shared by real-life consumer businesses globally.
Furthermore, users can mint DMBT on the TRON blockchain with their DDID, which can be viewed on any wallet that supports TRON NFT protocols.
H.E. Justin Sun, Founder of TRON and Global Advisor to Huobi, commented, “DDID will serve as the building block for Web 3 and a bridge connecting the real and virtual worlds. Essentially, the on-chain digital identity system lays the foundation for a future metaverse world that is truly capable of servicing the global population across physical boundaries and national borders in mankind’s pursuit toward inclusive digital freedom.”
About Huobi
Founded in 2013, Huobi has evolved from a crypto exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, wallets, research, investments, incubation and other areas. Huobi serves millions of users across international markets. Please refer to Huobi’s official website for more information: www.huobi.com
The post Huobi Launches the Dominica Metaverse Bound Token (DMBT) appeared first on CryptoPotato.

[PRESS RELEASE &#8211; SinMichael Wanggapore, Singapore, 22nd March 2023] Huobi, the virtual asset trading platform, has announced the launch of the Dominica Metaverse Bound Token (DMBT). The launch of DMBT is part of the rollout of the Dominica Metaverse Digital Citizen (DMDC), which was authori...

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Huobi Launches the Dominica Metaverse Bound Token (DMBT)

At least four major crypto exchanges have now announced they plan to list Arbitrum’s upcoming crypto asset, ARB.
MEXC, Huobi and Bybit all say they will list ARB next Thursday, March 23rd, the date of the token’s airdrop.

Bitrue also plans to list ARB, noting in a Twitter post that the opening time for deposits and trading will be updated.
In a blog post this week, Arbitrum developers announced the airdrop and outlined the protocol’s upcoming plans to switch to being governed by a self-executing decentralized autonomous organization (DAO).
The Ethereum (ETH) scaling solution plans to airdrop 12.75% of the ecosystem’s token supply to users next Thursday.
The developers say they created a special points system that takes into account a variety of metrics to determine which users will receive the crypto assets.
Arbitrum currently ranks fourth among all chains in terms of total value locked (TVL) with $1.77 billion, behind Ethereum, Tron (TRX) and BNB Smart Chain, according to the decentralized finance tracker DeFi Llama. Polygon (MATIC) is fifth, with $1.06 billion in TVL.
The TVL of a blockchain represents the total capital held within its smart contracts.
TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Four Major Crypto Exchanges Announce Support for Arbitrum (ARB) Ahead of Massive Airdrop appeared first on The Daily Hodl.


At least four major crypto exchanges have now announced they plan to list Arbitrum&#8217;s upcoming crypto asset, ARB. MEXC, Huobi and Bybit all say they will list ARB next Thursday, March 23rd, the date of the token&#8217;s airdrop. Bitrue also plans to list ARB, noting in a Twitter post that th...

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Four Major Crypto Exchanges Announce Support for Arbitrum (ARB) Ahead of Massive Airdrop

Huobi had reportedly withdrawn all its assets from Signature and Silvergate Bank prior to their demise. 
However, numerous other platforms and crypto-related firms got burned from their existing exposure to the aforementioned banks, including Coinbase and Paxos.

Huobi disclosed to Reuters that its customers’ funds remain unaffected by the recent banking crisis in the USA since it has previously transferred all its assets from Silvergate and Signature Bank to other monetary institutions:

“Huobi previously had a bank account with Silvergate, but all assets were transferred out some time ago, and there is no financial partnership currently.”

Justin Sun – a member of Huobi’s Global Advisory Board and also Co-Founder of the blockchain platform Tron – confirmed the news, adding that the ongoing turbulence did not harm the company’s operations.
Recall that Silvergate Capital revealed operational issues at the beginning of March and announced a liquidation plan a few days later. It acted as one of the main banks for the crypto sector, lending funds to multiple entities.
With its failure, numerous industry players shifted towards Signature Bank. Nonetheless, it suffered a similar fate and was closed down by regulators earlier this week.
The US-based cryptocurrency exchange – Coinbase – revealed it held $240 million in corporate cash at Signature, Paxos had a $250 million exposure, while Celsius Network did not specify how much was stuck there.

The post Houbi Cut Ties With Signature Bank and Silvergate Before Their Collapse (Report) appeared first on CryptoPotato.

Justin Sun supposedly confirmed that Huobi has no exposure to Silvergate and Signature Bank.

Houbi Cut Ties With Signature Bank and Silvergate Before Their Collapse (Report)

Crypto exchange Huobi converted $100 million worth of USD Coin (USDC) to Dai (DAI) as uncertainty spread in the stablecoin market this weekend, on-chain data shows.
According to blockchain tracking firm Lookonchain, Huobi made the large transaction early on Saturday morning.

“It appears that one of Huobi’s wallets also exchanged 100 million USDC for 100 million DAI.”
Source: Lookonchain/Twitter
Lookonchain also spotted Tron (TRX) founder and crypto billionaire Justin Sun, who backs Huobi, taking out USDC from Ethereum-based lending platform Aave (AAVE) and trading it for DAI.
“Justin Sun withdrew 82 million USDC from Aave and exchanged for 82 million DAI.”
Source: Lookonchain/Twitter
The movements come as the crypto markets faced another stablecoin scare.
USDC lost its peg to the US dollar following news that Circle, the stablecoin’s issuer, had $3.3 billion of its $40 billion reserves stuck in Silicon Valley Bank (SVB), a collapsed bank now under the control of the Federal Deposit Insurance Corporation (FDIC). DAI also lost its peg as it is partially backed by USDC.
USDC traded as low as $0.87 while DAI retraced to a 24-hour low of $0.89.
The depegging triggered more than a $7 billion wipeout from USDC’s market cap, and prompted traders and whales to make big moves to mitigate risk or take advantage of arbitrage opportunities.
Lookonchain also spotted a whale going for a seven-figure profit by borrowing USDT, which did not lose its peg, to buy up USDC at a cheaper price in hopes of returning the loan after USDC already went back to its dollar-peg.
“Whale CZSamSun is buying USDC for arbitrage!
Deposited stETH and ETH to Aave and InstaDapp, borrowed USDT to buy USDC.
So far, has exchanged 28,577,700 USDT for 29,961,238 USDC.
Over $1.3M in profit once USDC is back to the peg!”
Source: Lookonchain/Twitter
At time of writing, both USDC and DAI have not yet recovered their desired peg. Both stablecoins are trading at $0.94.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Crypto Platform Huobi Exchanged $100,000,000 USDC for DAI During Stablecoin Depegging Scare: On-Chain Data appeared first on The Daily Hodl.


Crypto exchange Huobi converted $100 million worth of USD Coin (USDC) to Dai (DAI) as uncertainty spread in the stablecoin market this weekend, on-chain data shows. According to blockchain tracking firm Lookonchain, Huobi made the large transaction early on Saturday morning. &#8220;It appears tha...

Crypto Platform Huobi Exchanged $100,000,000 USDC for DAI During Stablecoin Depegging Scare: On-Chain Data

Huobi Token (HT) has emerged at the center of insolvency rumors following a shocking performance on Thursday. Following the plunge in the general crypto market, Huobi Token took it a step further with a massive 90% drop in just a matter of minutes. Now crypto community members are on edge, wondering if the crypto exchange would be the next to go under.
Huobi Token (HT) Takes A Massive Dump
Before the news of the U.S. Attorney General suing KuCoin crypto exchange made the rounds, HT was trending at a price of $4.4 and remained steady. However, as the market declined, HT fell to as low as $0.3, an over 90% decline, before rallying back up to $3.5.

Its decline placed it among the top losers in the market, coming behind Singularity Net (AGIX) which lost 21.74% of its value in the 24-hour period. HT’s market cap also took a hit during this time, falling over 20% to be sitting at $619.7 million.
As a result, Huobi Token has now fallen to 67 on the list of top cryptocurrencies by market cap. However, its trading volume is up a whopping 363% in the last 24 hours, which brings it to its current level of $58 million.


Is Huobi Exchange Insolvent?
Although the Huobi Token was able to regain most of its lost value, the damage had already been done. The flash crash triggered a number of rumors across the crypto community and rumors that the exchange is insolvent spread really fast.
In response, Tron founder Justin Sun sent 100 million USDC to the exchange to provide more liquidity. He also debunked the rumors that the exchange is insolvent and attributed the flash crash to the “impact of the leveraged liquidation on the market caused by a few users.”
Nevertheless, this has not done much to sway opinions about the health of the exchange, and with good reason. The chart below from early 2023 shows that while Binance saw an increase in its quarterly estimated revenue since 2021, Huobi has seen a 98% decline in its quarterly estimated revenue, which could mean that the crypto exchange could be in trouble.


The implications of a crypto exchange the size of Huobi being insolvent could have devastating effects on the crypto market, especially now. It may not be as big as FTX but the current bearish climate around the market would likely push the market farther down if Huobi were to be declared insolvent. An occurrence that Justin Sun and the execs at the company seem to be trying hard to prevent.

In all of this, it is important to remember the golden rule of cryptocurrency investing, which is “Not your keys, not your coins.” It is better to be safe than sorry, so moving coins off centralized exchanges and into self-custody wallets is advisable regardless of the outcome.



Huobi Token (HT) has emerged at the center of insolvency rumors following a shocking performance on Thursday. Following the plunge in the general crypto market, Huobi Token took it a step further with a massive 90% drop in just a matter of minutes. Now crypto community members are on edge, wonder...

Huobi price	$3.59
Low - High 24H	$3.54 - $3.69
Market cap	$581.80M
Volume 24H	$6.93M
All time high	$39.66 -90.96% May 12th 2021
All time low	$0.90862 294.44% January 30th 2019
Genesis date	N/A

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