Cryptic Messages And $73M In Outflows: Authorities Apprehend, Detain Huobi Execs

Cryptocurrency exchange Huobi experienced a net outflow surpassing $73.3 million this past week.

This development coincides with reports of several of its top executives being detained by authorities in China, The Block reported.

By 4:30 p.m. HKT, the exchange registered token outflows amounting to $505.9 million against inflows of $432.5 million in the past week.

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This resulted in a net outflow of approximately $73.3 million, as per the insights provided by blockchain analytics company Nansen.

The rate of outflows seems to be intensifying. Nansen's data reveals that in the preceding 24 hours alone, Huobi had a net outflow of $32.9 million.

Additionally, the exchange's stablecoin reserves have decreased by 33%, settling at $99.47 million over the week.

Hong Kong-based Techub News reported that three top Huobi officials were recently apprehended by Chinese law enforcement for further inquiry.

Jiayin Xie, who oversees social media for Huobi, mentioned that Huobi was being "invited to tea" annually.

In China, the term "drinking tea" is colloquially understood to mean being called in by the police or security agencies for questioning.

“Faced with these baseless malicious attacks, I feel deeply worried," Xie said. "After some thought, perhaps this is the unavoidable thorny path we must tread upon as we journey back to the top three.”

Separately, Huobi advisor Justin Sun tweeted the number “4” on Sunday.

This term, popularized by Binance BNB/USD leader Changpeng Zhao, is often used in the crypto sphere to address situations filled with FUD (fear, uncertainty, and doubt).

Sun also shared Xie's prior tweet, which dismissed the circulating rumors.

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