Huobi confirms normal operations amid reports on 1M USDT smear campaign reward

Huobi reportedly to offer 1M USDT reward for evidence on smear campaign
2 years ago
2 mins read

Cryptocurrency exchange Huobi has maintained that it’s operating normally after reports emerged online that users could not transact. The reports were part of an alleged smear campaign against the exchange over the last 24 hours.

Unconfirmed reports further indicated that Huobi will reportedly issue 1 million USDT as a reward to individuals who provide evidence over the smear campaign. In a statement to Finbold, a Huobi representative stated that the exchange was running normally.

However, the exchange did not delve more into the alleged reward scheme. According to Huobi:

“Hello, the source you provided is not an official channel of Huobi. Currently, the Huobi platform is operating normally. User transactions, asset deposits and withdrawals are all operating normally. Thank you for your concern! Huobi has always been adhering to the “user first” philosophy, always upholding the principle of user asset security first, and unswervingly guarding the security of users’ accounts and assets.”

Earlier reports suggested that the exchange established the reward in response to the rumors that it termed malicious and defamatory. The source of the messages that appeared on platforms like WeChat was yet to be known by press time.

Under the reward scheme, Huobi will also reward 10,000 USDT for feedback used as judicial evidence.

Smear campaign motivated by self-interest

According to Huobi, the individuals or groups behind the reports forged the screenshots of conversations, buying black manuscripts, and distributing false information leading to panic. 

The Exchange believes that the reports were from individuals with self-interest aiming to ruin the exchange. Individuals with more information are to submit it on the [email protected] email. 

The rumors come barely two weeks after Huobi’s main competitor OKEx, suspended cryptocurrency withdrawals. As a result, reports emerged that Huobi was to follow suit, but the exchange made an assurance to users that operations were running normally. 

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.