JAKARTA - The fierce competition between crypto exchanges Binance and Huobi is heating up, with concerns over Huobi's financial stability and the controversial accusations that have surfaced. Crypto market analyst Adam Cochran has expressed his views, linking several recent events with Binance's massive sales potential (USDT) as a strategy against Huobi.
At the end of last week, Huobi faced a surge in outflows of 64 million US dollars (Rp973 billion), sparking concern about its stability. The total stock exchange locked value (TVL) fell below 2.5 billion US dollars (Rp38 trillion), from US$3.09 billion (Rp47 trillion) in July. Rumors circulated that Huobi's leader was arrested in China in connection with investigations into alleged engagement with gambling platforms, and other reports suggest the existence of executives leaving the company.
Analyst Adam Cochran provides a worrying view of the differences between Huobi's account and user confidence regarding USDT ownership. He argued that this condition could lead to financial imbalance, especially due to the absence of an update from the Merkle Tree Audit. Cochran even suspects the leading crypto world figure, Justin Sun, is involved in using Huobi's user assets for the benefit of his DeFi application.
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Cochran also linked Binance in this scenario, suspecting the exchange could massively sell Tether in response to the situation in Huobi. He considered that Binance wanted to reduce USDT dominance and protect itself from potential mass sales by Huobi users.
At the same time, Cochran's controversial statement has received a strong response from Huobi. The exchange has publicly dismissed accusations and urged the crypto community not to be affected by doubts. Justin Sun, Huobi's Chief, also spoke firmly through social media, dismissed all accusations and invited to focus on developing a healthy industry.
Tensions and uncertainty are increasingly shaking the crypto world in this scenario. However, industry players and investors are encouraged to remain critical, filter accurate information, and avoid excessive speculation. While competition between crypto exchanges continues, clarity and openness must be a priority in maintaining the integrity of the crypto ecosystem.
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