On January 6th 2023, Justin Sun posted about Huobi’s tech on Twitter. what users want to know is not the security of the platform, but if Huobi is Solvent..
.@HuobiGlobal is an exchange that was founded in 2013 and has since grown to become one of the most popular exchanges in the world. Huobi has a strong focus on technology and security,and it has implemented a number of measures to ensure the safety of its users and their assets.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) January 6, 2023
According to Justin, Huobi is a crypto exchange established in 2013. It has since grown to become one of the most popular exchanges in the world after Binance. They achieved this by having a strong focus on their security and technology. That’s why it has a series of measures in place to ensure the safety of all its users and their assets.
Huobi maintains the safety of its exchange by advancing its security tech. The company utilizes physically protected areas and cold storage for most of its digital assets, which means that the assets are stored offline out of the reach of hackers. This has seriously deterred attempts by bad players and cyber criminals.
In addition to the above, it also employs the use of multi-signature technology and cloud tech to secure user assets. This means that more than one person is needed to sign off any transactions, which helps to prevent unauthorized collaborations and theft.
On their platform, Huobi also ensures the safety of user accounts. It utilizes a two-factor authentication feature to verify the identity of users, ensuring that each transaction is carried out by the verified owner of the account. This makes it difficult for unauthorized access by scammers and protects users from possible identity theft.
Finally, Huobi’s safety is focused on its commitment to transparency and compliance. The company ensures it follows all relevant laws and regulations in its countries of residence, and it regularly undergoes audits by impartial third parties to ensure that its operations are up to acceptable standards.
According to Justin, Huobi has also implemented several procedures focused on protecting the assets of its users. The company maintains a secure and transparent process for handling user assets, and it has a dedicated team that is responsible for protecting these assets and ensuring proper accountability.
In a response to the Tweet, users were asking if the exchange was solvent. Some believe that the true nature of Justin’s post is damage control. Seeing as the management of each insolvent exchange announced their company’s safety before the establishment crashed.
After the FTX, LUNA, and 3AC crash, the rule of thumb for the new year is to not be carried away by what is said but to watch what they do.