Huobi is a big exchange of Asia, but because to the ineffectual leadership, it is surrounded by saints. The exchange as a whole is suffering under Justin Sun's unsure leadership.

The Arrest of the Executive Increased the Mistrust.

     Analyst Adam Cochran reported that Hubei executives were arrested in China on criminal charges. Although Huobi has denied this news, according to some Chinese sources, Wan Ming, Rain Ren, Fai Wang, Wang Huanye, Zhang Da have been arrested. These arrests have eroded public confidence in Huobi.

STABLECOIN CRISIS

     Fears stemming from the executive's arrest caused Huobi users to withdraw their investments. Most people withdraw their investments by converting the assets to stablecoins, causing a stablecoin crisis in Huobi. To avert the stablecoin crisis, a whale deposited 200 million USDT, believed to be Justin Sun.

Huobi is First to list PayPal's stablecoin

     To deal with the stablecoin crisis Huobi is facing, Justin Sun announced the listing of $PYUSD directly on Huobi instead of talking to other stablecoin developers. This is an even bigger mistake than listing fake Pi tokens, as PYUSD is fully owned by PayPal, and PayPal reports to US agencies. That's why PayPal's stablecoin is absolutely at risk.