Data shows increased Huobi exchange outflows as firm denies executive arrest rumors

Data from CryptoQuant, a crypto information provider, indicates a significant increase in bitcoin funds outflows from Huobi Global in the past day — a development that comes as the firm has issued a public denial about rumors of an arrest of one of its executives.

In a tweet thread posted November 2, Huobi said that rumors about "the arrest of a Huobi senior executive by local officials" are "false." 

"All of Huobi’s management team members have been accounted for and have not been detained or arrested," the firm said. "We understand that the spread of false information can lead to concerns about the safety of user assets, but please rest assured your assets are safe."

According to CryptoQuant, the outflow increase peaked after midday on Monday. The service highlighted the development in an earlier tweet.

Source: CryptoQuant

The rumors also appear to have affected the price of Huobi's token, as shown by market data published by CoinGecko. The price of Huobi Token is down more than 9 percent in the past 24 hours. The token is currently trading hands at about $3.77, per the data site.