Huobi COO Reportedly Under Investigation, For Sending $400 Million To Another Crypto Exchange


According to Chinese Media, Huobi Exchange Chief Operating Officer (COO) Robin Zhu is being investigated by Chinese police.

Cryptocurrencies may be linked to illegal activities such as money laundering and fraud, thereby threatening financial security and stability. According to SCMP, cryptocurrencies have been leveraged to launder about 1 trillion yuan from China into casinos and gambling every year. The arrest of Huobi COO is another example of China cracking down on cryptocurrency-related activities, especially crypto exchanges that serve as hubs for trading and exchanging fiat money and cryptos.

On October 15, OKEX temporarily suspended withdrawals of digital assets and cryptocurrencies. Then OKEx founder Mingxing (Star) Xu was confirmed to be arrested by the police. Further updates on OKEx’s founder have not been announced, as investigations into the suspicious withdrawal are still ongoing.

Many customers have complained that their bank cards have been frozen when trying to buy cryptos and withdraw money from Huobi.

In fact, prior to the news that Huobi COO was arrested, a series of operations involving Tether (USDT) were flagged by crypto analytics, as large amounts of USDT were transferred to and from Huobi. According to Whale Alert, a total of 120,429,156 USDT has been transferred from Huobi. Among them, 99,999,656 USDT was transferred to Bitfinex and 20,429,500 USDT was transferred to the crypto derivatives exchange FTX.

There was a total of 454,377,921 USDT transferred to Huobi. Among them, 354,378,266 USDT came from an unknown wallet and 99,999,655 USDT was transferred back from Bitfinex (one USDT difference). The full list is as seen below:

434,429,165 USDT was transferred to Huobi, most from Bitfinex.

10,000,000 USDT transferred from unknown wallet to Huobi

10,000,000 USDT transferred from Huobi to Bitfinex

10,000,000 USDT transferred from Huobi to Bitfinex

10,000,000 USDT transferred from Huobi to Bitfinex

10,000,000 USDT transferred from Huobi to Bitfinex

10,000,000 USDT transferred from Huobi to Bitfinex

10,000,000 USDT transferred from Huobi to Bitfinex

10,000,000 USDT transferred from Huobi to Bitfinex

10,000,000 USDT transferred from Huobi to Bitfinex

10,000,000 USDT transferred from Huobi to Bitfinex

9,999,656 USDT transferred from Huobi to Bitfinex

10,000,500 USDC transferred from unknown wallet to Huobi

10,000,500 USDC transferred from Huobi to FTX

10,429,000 USDC transferred from unknown wallet to Huobi

10,429,000 USDC transferred from Huobi to FTX

99,999,655 USDT transferred from Bitfinex to Huobi

100,000,000 USDT transferred from unknown wallet to Huobi

204,000,010 USDT transferred from unknown wallet to Huobi

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