Huobi is melting down in real-time.

Huobi has withdrawn another 70 million US dollars yesterday, accounting for 3.5% of Huobi’s scale. According to the 30% collapse of FTX withdrawals, Huobi is in jeopardy and has shut down all intra-employee IMs.

Sun has closed the communication group with internal employees today and blocked all communication and feedback channels with employees. This is very dangerous, and it is not ruled out that internal employees rebel and directly rug away user assets or programmers add backdoor Trojan horses. Such incidents have occurred on multiple exchanges in the past year.

If employees really rug and take user assets, Sun really has nothing to do. This is not protected by domestic laws, and employees are completely legal. The latest judicial interpretations and precedents also emphasize once again that they are not protected by law. (A few years ago, the court also partially supported it, but now it does not recognize its legal protection)

Those who have assets on Huobi must withdraw them quickly, and those who have no assets must uninstall the Huobi app to prevent it from being automatically updated to a version with a Trojan horse. A few days ago, an automatic update Trojan was implanted in the bitkeep background, resulting in the theft of many user assets.

In the past couple months Huobi has been attempting to convert payroll from fiat to USDT/USDC. Meanwhile, Justin Sun (an “advisor” to the exchange, seen by many as the man in charge) has cashed out $1.5B+ in fiat since October, according to his tagged wallets

Source: https://twitter.com/cryptadamist/status/1611129612217778176

https://twitter.com/wublockchain/status/1610615698254102529?s=46&t=LADJknPDKBxsdDwoNTEu6Q

https://twitter.com/jconorgrogan/status/1610624294014562305?s=46&t=LADJknPDKBxsdDwoNTEu6Q

https://twitter.com/scopeprotocol/status/1607983914907500544?s=46&t=LADJknPDKBxsdDwoNTEu6Q

Edit: Sources and last paragraph*