Huobi (HTX) and the curious case of unusual volume

Unusual volume has been observed in both HTX (formerly known as Huobi ) and its partner company Poloniex.

HTX which has partnered with TRON had the highest volume of 20B in August 2023 (this month had one of the lowest volume in crypto among all exchanges since 2019 ).

Image credit Kaiko

NOTE HERE THAT THE PEAK OF BULLRUN IN 2021 BARELY CROSSED 10B. But the same volume was crossed and doubled in just a month in August & September of this year.

Compare this with HTX which created fake volume during WLD COIN Launch.

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For examples these shady have transactions have also contributed to increase of 400 % from the normal volume.

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Increase from 4 % to 19 %

Data also shows that 350M of USDT was sold on HTX for USDC and 400M USDC was transferred to Binance.

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https://preview.redd.it/p4yep1netytb1.png?1320&format=png&auto=webp&s=c54a96bb998d0bd2bafaffa800d28ade2805d19a

The transfer to binance is concerning as the money was supposed to be customers funds which match almost 400M sent to Binance.

Questions to be raised

1. Are these trades just wash Trading or are they money laundering?
2. What is the relation between Justin Sun & Binance.
3. what happened to money transferred to Binance? Have they been cashed out?
4. the USD which is on HTX and supposed to be customers money is not backed by anything. So, when it comes crashing down , Will HTX be the new FTX?

Source of the insights are included here (Kaiko). Kindly give it a read as it is very informative and goes in depth.