Huobi says all is fine amid massive USDT exchange deposits and BTC withdrawals

Crypto Twitter has been abuzz with speculation about a large amount of Tether (USDT) flowing into the Huobi crypto exchange. Significant amounts of Bitcoin (BTC) also appear to have exited the platform during the same period. The Singapore-based entity recently issued a statement claiming all is well.

"We have noticed that recent events have sparked inquiries and speculation from some users," Huobi said earlier today, adding:  

"Huobi reiterates: 'We are currently operating normally, user assets are safe, and trading, deposits and withdrawals are operating as expected.'"

The exchange's native asset, Huobi Token (HT), has suffered a red day around the rumors. The overall markets mostly show red across the board, however, including Bitcoin. 

Twitter account Whale Alert notified the public today that at least 400 million USDT had been sent to Huobi, as reported in multiple tweets. Much of this USDT came from crypto exchange Bitfinex, though some originated from other unidentified locations. Earlier in the day, a number of transactions totaling roughly 100 million USDT traveled from Huobi to Bitfinex.

Some Twitter users expressed concerns about rumors that Chinese officials had detained one of the exchange's top brass, according to a post from Boxmining. The exchange denied this speculation as false, however.

The dip is caused by some fresh China FUD. Apparently rumors swirling that some core members from Huobi are out of contact. China FUD always happens, and we always bounce back.

— Boxmining (@boxmining) November 2, 2020

Bitcoin has dropped several hundred dollars in price over the last 24 hours, which is the "dip" Boxmining mentioned. Huobi recently unveiled additional Ethereum-wrapped assets, although the news appears unrelated.