Huobi has said disclosing the assets held in reserves helps to boost users’ confidence in the exchange as well as to improve transparency.

Huobi, the Seychelles-based crypto exchange, recently became the latest digital asset exchange platform to reveal the number as well as the value of its digital assets held in reserves. Huobi has said disclosing the assets held in reserves helps to boost users’ confidence in the exchange as well as to improve transparency.

Hbit Limited, a fully owned subsidiary of New Huo Technology, has approximately $18.1 million worth of assets stuck on FTX, which filed for bankruptcy last week, according to Nov. 14 press release.

Huobi announced that it is also a victim of the FTX scandal. It revealed in a notice that it was unable to withdraw $18.1 million from the now-bankrupt exchange. Of this, $13.2 million belongs to customers, with the remaining $5 million belonging to subsidiary Hbit.

Huobi Global’s ex-CEO Leon Li has reached a US$14 million loan agreement with New Huo Technology Holdings, in which he is the majority shareholder, after New Huo revealed one of its subsidiaries has US$18 million of cryptocurrency locked in the bankrupt FTX exchange, according to an <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2022/1114/2022111400129.pdf" target="_blank">announcement</a> on Monday.

On Oct 8, Huobi's controlling shareholder company transferred all the shares of Huobi Global it holds to the fund of About Capital. New Huo Tech are independent entities. All ops of Huobi are normal, &amp;&nbsp;Huobi will continue to provide customers with safe &amp; reliable services.

Huobi disclosed balance details of its hot and cold wallets, revealing a total value of about $3.5 billion.The Seychelles-based crypto exchange said it holds 32,000 bitcoins, 274,000 ether, 820 million tether and 9.7 billion tronix.

Huobi is currently holding 32K BTC, 274K ETH, 820M USDT, 9.7B TRX.

"FTX has drained over $6 billion of liquidity from the market in the last week," Huobi co-founder Du Jun tweeted. "The lenders that provide credit to Alameda and the centralised platforms that FTX has drained liquidity from are in danger. Protect your assets and don't pay for the mistakes of others."

Du Jun, Huobi's co-founder, tweeted: "Support bickering. Only by exposing and supervising each other, can the assets of centralized institutions be more transparent, the interests of retail investors be relatively protected and the industry develop more healthily. This war between Zhao Changpeng and SBF will be very beneficial to the development of the entire crypto industry if centralized institutions can introduce 100% reserve or other measures to promote asset transparency. Government regulators would also like to see everyone form self-discipline, rather than a mess where investors' interests are not properly protected and finally the regulatory hammer falls, and everyone feels bad."