Et Tu, Huobi?
Huobi Loses Customer Money in FTX Fiasco to the Tune of 18.1 Million. $13.2 million in Customer Assets and $4.9 million in Corporate Assets.
Huobi recently announced to its shareholders that they had $18.1 million in crypto assets on the FTX exchange (Locked) Why are you sending customer funds to FTX, HUOBI? Why are customer funds kept on a competing exchange instead of being kept as safe as possible in-house or in cold storage?
You are not a bank. Fractional reserves are not for exchanges. You are not allowed to lend your assets. All customers funds should be 1:1 like the idea of a stablecoin (not algorithmic). I don't trust any #CEX. Neither should you.
The firm's controlling shareholder and non-executive director Li Lin will provide an unsecured loan of $14 million to cover.
Stop playing with money that is not yours!