Huobi has addressed the concerns raised as a result of Wu Blockchain’s tweet that highlighted over 10,000 ETH being moved out of the Huobi 34 wallet.

Huobi explained that the publicized address includes a hot wallet address. He assured those concerned that the firm guarantees security and 100% redemption, and that there will be no restrictions on withdrawals or deposits.

Huobi released its ‘Work Report on Asset Transparency’ on Nov. 13, detailing the disclosure of its hot and cold wallet balances. Huobi explained that disclosure of hot and cold wallet balances will be a routine procedure.

Soon after the Huobi disclosure announcement was made, concerns about the asset snapshot of an asset reserve began to surface. Huobi moved 10,000 Ethereum (ETH) from the Huobi 34 wallet “to Binance and OKX deposit wallets,” as explained by Wu Blockchain.

At the time of the snapshot, total 14,858 Ethereum was in the wallet. Two minutes later, the 10,000 ETH was moved from the wallet.

The Huobi 34 wallet has a balance of approximately 18,000 ETH. It continues to receive regular transactions in and out.

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