Some skeptics have questioned Huobi's financial health
balances have been converted into stETH by Sun, with only half of the total 141,000 ETH believed to be held by Huobi users actually present in Sun's accounts.
Furthermore, he suggests that fellow cryptocurrency exchange Binance might be selling its Tether in bulk as a strategic move against Huobi.seeks to diminish USDT's dominance by promoting other stablecoins they can control and profit from. Another reason, Cochran posits, is that Binance might be aware of Sun's over-claimed USDT holdings and aims to protect itself from a potential mass sell-off from Huobi users.
He emphasizes that the cryptocurrency exchange's financial obligations appear far from balanced. Even accounting for the funds Sun has allegedly transferred from Huobi to his DeFi apps, it seems that only about half of the total obligations for Huobi are accounted for. Cochran accuses Sun of treating Huobi like a"personal piggy bank."
Cochran suggests that Binance's aggressive USDT sell-off could be a risk mitigation strategy, as it has learned of an investigation into Huobi and Tron employees. These allegations paint a worrying picture for Huobi's financial health, adding fuel to the rumors of the company's possible insolvency.
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