火必、波場、孫宇晨（Justin Sun,火必全球顧問,波場創辦人） 2023.8.6……【Press】【U.S.】So users think they have balances of $631M in Huobi, but there is only $90M there.
The rest Justin Sun is using to prop up his other defi apps, and paying a yield on it to get users to deposit more into Huobi.
➤【美国】Huobi 资不抵债？
据传Huobi 可能还存在偿付能力问题。风险投资机构Cinneamhain Ventures 的合伙人Adam Cochran 上周末在分析美元稳定币USDT 近日被抛售的原因时推测，由于Huobi 声称的稳定币持有量与链上数据存在矛盾，该交易所可能已资不抵债。
Cochran 指出，根据DefiLlama 的链上数据，8 月5 日，Huobi 持有的USDT 和USDC 资产合计不到9,000 万美元，然而，该交易所最新的「默克尔树审计」却显示「Huobi 用户持有价值6.3 亿美元的USDT，钱包余额为6.31 亿美元USDT」。因此Cochran 认为「Huobi 已经严重资不抵债」。（Adam原话：用户“认为”他们在火币的余额为 6.31 亿美元，但实际上只有 9000 万美元。差额的钱被贾斯汀·孙（Justin Sun）用来支持他的其他 defi 应用程序，并为这些应用支付收益以吸引用户向火币存入更多资金。）
Cochran 推测，这些遗失的资金可能正被用于支撑Tron、Poloniex 和孙宇晨运营的其他DeFi 平台的收益率，但即使将这些被转移的资金加总起来，孙宇晨「似乎只有Huobi 总债务的一半左右」 。
Cochran 还声称币安（Binance）已开始批量出售USDT。他表示，由于其规模和联系，币安通常能在第一时间察觉风险资产或业界存在的问题。

受资不抵债与警方调查传闻影响，Huobi 交易所 TVL 跌至 25 亿美元
2023/08/07 15:44

Huobi 资不抵债？

据传 Huobi 可能还存在偿付能力问题。风险投资机构 Cinneamhain Ventures 的合伙人 Adam Cochran 上週末在分析美元稳定幣 USDT 近日被拋售的原因时推测，由於 Huobi 声称的稳定幣持有量与链上数据存在矛盾，该交易所可能已资不抵债。

Cochran 指出，根据 DefiLlama 的链上数据，8 月 5 日，Huobi 持有的 USDT 和 USDC 资產合计不到 9,000 万美元，然而，该交易所最新的「默克尔树审计」却显示「Huobi 用户持有价值 6.3 亿美元的 USDT，钱包余额为 6.31 亿美元 USDT」。因此 Cochran 认为「Huobi 已经严重资不抵债」。

But Huobi’s own “Merkle Tree Audit” still lists that Huobi users have $630M of USDT held and a wallet balance of $631M USDT…
Of course this stopped updateing last month.
— Adam Cochran (adamscochran.eth)August 5, 2023

Cochran 推测，这些遗失的资金可能正被用於支撑 Tron、Poloniex 和孙宇晨运营的其他 DeFi 平台的收益率，但即使將这些被转移的资金加总起来，孙宇晨「似乎只有 Huobi 总债务的一半左右」。

Cochran 还声称幣安（Binance）已开始批量出售 USDT。他表示，由於其规模和联繫，幣安通常能在第一时间察觉风险资產或业界存在的问题。

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Adam Cochran (adamscochran.eth)
Aug 6
1/16
So why is Tether selling off?
Likely Huobi insolvency.
-Binance started selling off USDT in bulk.
-We found out that Huobi execs (and Tron personnel questioned by police)
-This is not long after Sun’s stUSDT launch
-And weird balance shifts at Huobi in the last month

2/16
Just like with FTT Binance is often the first to know about risky assets or issues within the industry due to its scales and connections.
And if we look at the time stamps of Friday’s rapid sell off of USDT, it’s after the time Huobi employees would have been questioned.

9/16
This means across USDT and USDC combined, Huobi only holds $90M of assets.

10/16
But Huobi’s own “Merkle Tree Audit” still lists that Huobi users have $630M of USDT held and a wallet balance of $631M USDT…
Of course this stopped updateing last month.

11/16
So users think they have balances of $631M in Huobi, but there is only $90M there.
The rest Justin Sun is using to prop up his other defi apps, and paying a yield on it to get users to deposit more into Huobi.

12/16
But it’s not just that.
All the user ETH is missing as well, Sun has turned it into stETH. All of it.
Users think they hold 141,000 ETH on Huobi and instead Sun holds about half that total balance and its all in stETH.

14/16
Even when you add up the money that Sun has funneled from Huobi into his defi apps – he only seems to have about half the total obligations for Huobi.
The only asset they are really healthy in is BTC.

15/16
Just like he did with Poloniex, Sun has been using Huobi as a personal piggy bank to earn from user deposits – and he can’t honor the balances there on ETH or USDT if users try and withdraw or sell in bulk.

16/16
When Binance heard that Huobi/Tron employees were being investigated in relation to actions at Huobi, they started slamming the 3CRV USDT sell into DAI to mitigate their risk.
Because Huobi is deeply insolvent.