Half a Billion Withdrawn From Huobi as China Intensifies War on Bitcoin

xi communist fist

Rumors are spreading the Chinese authorities have put under investigation Zhu Jiawei, the COO of Huobi, a Chinese run exchange with a flourishing Over the Counter (OTC) market that serves China. Apparently Jiawei is a well know crypto figure in China, having popularized bitcoin there, with some describing him as being the PR guy. He returned to Beijing where some suggest he was arrested yesterday. Huobi denies it, stating: “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.” Despite this denial Huobi depositors have withdrawn some half a billion and continue to withdraw from the exchange and peer to peer market: Huobi says they use a multi-signature system of 15 keys, thus even if the rumors are true, withdrawals shouldn’t be affected. For OKEx, which usually is seen as…

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