Huobi rebuffs rumors its executive was under arrest as Bitcoin outflows continue

Chinese-founded cryptocurrency exchange Huobi has denied rumors that one of its senior executives was under arrest. In response to these concerns, the exchange stated that all allegations and rumors are groundless and fabricated, pointing out that all executives are accounted for. The platform also saw a massive spike in Bitcoin outflows, as per data recorder by CryotoQuant over the last 24 hours since the rumour’s spread. Huobi users are trying to escape from any possible loss that may happen with OKEx, even though the rumors may be inaccurate. OKEx has seen similar issues over the last few weeks, and there is an ongoing investigation of key personnel at the exchange.

Why it matters: There seems to be more happening at Chinese-owned exchanges. It is impossible to say whether or not there is a connection between the launch of China's CBDC, and the attention that OKEx has received from the Chinese authorities. As more nations adopt CBDC programs, there may be increased scrutiny of digital assets, as central banks can't control tokens like Bitcoin. This may prove problematic for central banks, if they plan to use CBDCs as a central planning tool. For the moment it would appear that the amount of pressure that governments outside of China are putting on cryptocurrencies is low, but that may change in the future.