TechFlow news, The Block published an article questioning the transparency of Huobi's HBTC token, claiming that Huobi has moved collateral out of its official transparent wallet, making the asset backing for HBTC highly opaque. Currently, according to Huobi’s official page, proof of reserves for $800 million worth of HBTC assets shows less than $30,000.
The Block said it had contacted Huobi, which stopped replying to follow-up emails after an initial response. Huobi launched HBTC in February 2020 as its proprietary wrapped BTC solution.
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