Huobi Global has seen a significant drop in its trading volume, falling from around $1.6 billion to $1.23 billion in the past 24 hours, amid rumors of financial difficulties and internal turmoil at the exchange.
The Huobi Token and TRON tokens have also declined sharply. Net flow on Ethereum has also been negative, with a seven-day net flow of -$34.9 million.
The majority of the Huobi portfolio is made up of the HT token, which has a balance of $908 million, while the total Ethereum portfolio balance is $2.1 billion and the balance across all chains is $2.9 billion.
Huobi advisor Justin Sun has tweeted that the exchange’s business is performing well and that its infrastructure is secure, but these claims have been met with skepticism.
There are reports that Sun is attempting to change the salary of Huobi employees from fiat to USDT or USDC, leading to protests from staff, and that the exchange will deregister as a domestic entity, with employees required to sign agreements with overseas entities.