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Huobi COO Reportedly Under Investigation, Exchange Token Dips By Over 16% After Controversy

Robin Zhu, COO of Huobi, one of the most prominent Singapore-based cryptocurrency exchanges was under investigation by the Chinese police following Huobi’s native token – HT’s price saw a steep depreciation coinciding with the news of the exchange’s execs.

Over the last day, HT was down by more than 16%. On the brighter side, the token resumed a mild uptrend as Huobi posted its clarification on the issue, following which HT noted a minor uptick to $3.81.

Huobi has just held a rare conference on cryptocurrency in China in Zunyi, Guizhou Province, covering most of the industry’s management and entrepreneurs. Some Huobi employees returned to Beijing from Guizhou on the second day.

Leon Li, the founder of Huobi spoke after drinking at the conference, saying that he was confident and not afraid, bitcoin was not illegal, and (Huobi or himself) did not do anything illegal.

On 15 Oct, OKEX temporarily suspended the withdrawal of digital assets and cryptocurrencies as OKEx founder Mingxing (Star) Xu was confirmed to be arrested by police. Then on October 21, Leon Li, the founder of Huobi recalled Jun Du, the former co-founder of Huobi, who was overseas back to China.

Jun Du allegedly noted that all user assets were safe and that everything was operating fine.
After Mingxing (Star) Xu was under investigation, Binance quickly carried out several “exercises” in which the key manager lost contact. Huobi promoted its own multi signature technology, which does not rely on the authority and operation of a single person. It is reported that the Huobi has also carried out a plan and exercise. Although the panic continued to spread after the incident, the response was still orderly.

Robin Zhu was born in 1982 and worked for Oracle. He joined Huobi in the year 2015 and began to popularize blockchain and cryptocurrency to Chinese society. Many people entered this crypto industry under the influence of his popular science content. At present, there is no detailed information about the cause and form of Robin Zhu’s case.

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