Huobi denies rumors of executive's arrest as Bitcoin outflows continue

Following the OKEx founder's arrest that resulted in over 200,000 BTC being caught in limbo due to him being the sole holder of the multi-sig withdraw keys, Bitcoin investors have been wary of holding their coins on centralized exchanges.

Huobi - a Chinese-founded cryptocurrency exchange now based in Singapore - has recently been shrouded in rumors regarding one of its senior executives being arrested.

The rumors have spread across social media like wildfire and have sparked a massive exodus of funds from the platform.

According to CryptoQuant, net Bitcoin outflows from Huobi have been rocketing over the past 24-hours, signaling that users are afraid that the platform will face a similar problem as OKEx.

Despite these concerns, the exchange released a statement earlier today that claims all the executive staff is fully accounted for and that the rumors regarding one of them being arrested are both false and baseless.

Huobi faces rumors regarding the executive's arrest.

Rumors have been spreading on Chinese social media platforms regarding a senior executive at Huobi being arrested by authorities.

These rumors have so far been entirely baseless, with no evidence to support them.

"Huobi Global Is Operating Normally. We have become aware of rumors within our community about the arrest of a Huobi senior executive by local officials. We can share with confidence that these rumors are false."

Although there's a decent likelihood that the rumors are false, users aren't taking any chances.