On March 10, affected by the collapse of Silicon Valley Bank (SVB), coupled with previous news that Biden will propose changing the tax treatment of cryptocurrency transactions to raise $24 billion. The encryption market fell across the board, and Bitcoin fell below $20,000 to hit a new low in nearly two months.

The general environment is declining, and bad news is coming out frequently, which once again triggers violent fluctuations in the encryption investment market. On the same day, Coinglass data showed that on March 10, the entire network liquidated 279 million US dollars, of which Bitcoin liquidated 104 million US dollars and Ethereum liquidated 69.9436 million US dollars. HT even fell to 0.3138 USDT at 5:00 am on March 10, and the liquidation reached as high as 2.7733 million US dollars.

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Brother Sun's tweets are hard to convince the public, Huobi data reveals the truth

After HT plummeted, Sun Yuchen immediately tweeted to explain the matter. He said: The operation of Huobi Exchange is normal, the wallet is normal, the operation is normal, and the background is normal. It is only because some users of spot and contract HT tokens have triggered the disk phenomenon of serial liquidation of leverage. At present, all work is being carried out steadily, and there is no sudden phenomenon, which only belongs to market behavior and fluctuation.

For this explanation, users did not seem to buy it, and expressed strong dissatisfaction in the Twitter comments. "I wanted to continue to invest in HT, but now I can see the true colors of Sun Ge", "Sun Ge is still the same Sun Ge, Huobi is no longer the previous Huobi", "Everything is normal in Huobi, except that the user has no money. It's gone"... These remarks reveal the disappointment with Huobi, an old-fashioned exchange, and also let Sun Ge's negative image of cutting leeks be hammered once again.

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From the rational analysis of the currently public data, the relevant transaction data of the Huobi platform is at a normal level, and HT’s capital reserves can also achieve 100% payment by users.

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Sun Gehao threw 100 million U.S. dollars to cite rumors again, Huo Bi will pay the full amount and the final word

Just one hour after the tweet explaining this matter was released, Justin Sun tweeted again, stating that the Huobi platform will fully bear the loss of leveraged positions caused by HT market fluctuations. We apologize for the impact of the market fluctuations caused by the leveraged clearing house of a small number of users. In order to further improve the multi-currency liquidity of the Huobi platform, we will invest 100 million US dollars to establish a liquidity fund to continue to improve the mainstream currency, HT liquidity depth, and strengthen Leverage warning and liquidity capabilities, for this incident, we will keep pace with the community on the follow-up progress.

Although Sun Ge expressed his apology at a relatively fast speed, he said that Huo will bear all the losses, and will also invest 100 million US dollars to ensure the liquidity and depth of HT. However, the fermenting speed of public opinion is much faster than expected. Not only users, but also well-known overseas organizations and media such as Nansen and CoinDesk have also begun to make a fuss about Justin Sun’s transfer records on HuobiChain.

Nansen tweeted that Justin Sun had withdrawn about $60 million in Ethereum stablecoins from Huobi in the past 24 hours (March 9). As soon as this news came out, it was hard not to associate it with HT's collapse. In this regard, Sun Ge did not send a quick reply, but directly threw 100 million US dollars and spoke with actions.

According to Coindesk, at 11:27 on March 10, Beijing time, the on-chain wallet address marked as Justin Sun has transferred 100 million USDC to Huobi to prevent HT from falling off a cliff, and at the same time enhance the asset flow in Huobi station in all aspects. sex.

Subsequently, Sun Yuchen also responded to the transfer of 60 million US dollars. He said: The withdrawal is his own funds, which is a personal behavior and has nothing to do with the Huobi platform. In addition, the withdrawal behavior occurred before the abnormal fluctuation of HT, and the events that occurred in the early morning of the 10th cannot and cannot be predicted. Currently, the response has been confirmed by Nansen and CoinDesk.

Just two days after the incident, according to Huobi’s relevant community news, Huobi has completed more than 90% of the customer’s compensation for this incident, and Huobi’s account manager has conducted a point-to-point solution. Judging from the screenshots of the previously leaked chat records, Huobi will pay full compensation for user losses this time, which is more sincere than other exchanges handling similar incidents.

So far, Huobi’s full compensation for HT’s collapse and loss of positions has been “finalized”. In this matter, from the perspective of data, facts, and compensation, it is likely to be caused by the violent market fluctuations caused by the macro environment. Users attribute all "crime" to Sun Yuchen and Huo It is true that it is biased.

"If you want to wear the crown, you must bear the weight." I hope Huobi can withstand the pressure under the leadership of Sun Yuchen and return users a compliant, safe and transparent trading environment.