Huobi Takes Proactive Steps to Ensure Accurate Reporting of Asset Data
In Brief
Huobi has taken proactive steps to ensure accurate and up-to-date information is available to the crypto community, demonstrating their commitment to transparency and accurate reporting.
The digital currency exchange, Huobi, recently faced concerns of a supposed “asset decline,” leading to substantial speculation in the media. The discourse was based on data provided by the blockchain data platform Glassnode. However, Huobi has now offered clarification, attributing the misunderstanding to inaccuracies and omission in the provided data.
In an analytical examination conducted by Huobi, it was discovered that the data assembled by Glassnode does not accurately mirror the current status of Huobi’s assets. The company revealed that changes have occurred in the primary hot wallet and cold wallet addresses utilized for storing assets since the data was collected.
Additionally, Huobi highlighted that its assets are not confined to a single chain but instead, they are distributed across various chains. These include a considerable 400 million USDT on TRON, around 6,500 TRC20 BTC, as well as a portion of ETH being collateralized while acting as an ETH validator.
Huobi Update
In response to these revelations, Huobi made a conscious effort to reach out to Glassnode and pressed them to make the necessary updates to the data. Huobi underscores the importance of precision and currency of information to maintain transparency and provide an accurate depiction of its asset holdings to the public.
In a recent update, Huobi unveiled the Merkle tree asset reserve certificate as of July 1st. The total assets held by users on the Huobi platform have exceeded $3 billion. This demonstrates the significant trust that the user base places in the platform.
Tokenomics demystified!#Huobi unveils the enchanting world of crypto-economics! Treasure hunt for insights on #cryptocurrency assets, supply and demand dynamics, and the art of value creation.
— Huobi (@HuobiGlobal) July 12, 2023
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The experience underlines the critical role that accurate data plays in evaluating the financial health and performance of platforms such as Huobi. The efforts made by Huobi to correct the incorrect data from Glassnode emphasizes its commitment to transparent practices and ensuring accurate reporting to the crypto community.
- Huobi and Visa have partnered to launch the Huobi Visa Card, which will allow users to use their cryptocurrency assets to pay for items and services at 80 million merchants globally, as well as receive perks such as cash back earnings and trading fee rebates.
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About The Author
Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
