{"id":509524,"date":"2022-11-13T09:42:00","date_gmt":"2022-11-13T06:42:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/huobi-and-gate-io-under-fire-for-allegedly-sharing-snapshots-using-loaned-funds\/"},"modified":"2022-11-13T09:42:00","modified_gmt":"2022-11-13T06:42:00","slug":"huobi-and-gate-io-under-fire-for-allegedly-sharing-snapshots-using-loaned-funds","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/huobi-and-gate-io-under-fire-for-allegedly-sharing-snapshots-using-loaned-funds\/","title":{"rendered":"# Huobi and Gate.io under fire for allegedly sharing snapshots using loaned funds"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a25383c13014\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a25383c13014\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/huobi-and-gate-io-under-fire-for-allegedly-sharing-snapshots-using-loaned-funds\/#%E2%80%9D_Huobi_and_Gateio_under_fire_for_allegedly_sharing_snapshots_using_loaned_funds_%E2%80%9C\" >&#8221; Huobi and Gate.io under fire for allegedly sharing snapshots using loaned funds &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Huobi_and_Gateio_under_fire_for_allegedly_sharing_snapshots_using_loaned_funds_%E2%80%9C\"><\/span>&#8221; Huobi and Gate.io under fire for allegedly sharing snapshots using loaned funds &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-e13e51fa>To counter the rising mistrust among crypto investors following the FTX collapse, crypto exchanges unanimously decided to share proof of reserve with the public as a way to showcase legitimacy. However, certain anomalies found during on-chain investigations suggest foul play and market manipulation.<\/p>\n<p>Just two days after Crypto.com made its cold storage information public, investigators found that 320,000 Ether (ETH) was sent to Gate.io on Oct. 21, 2022. However, Kris Marszalek, the CEO of Crypto.com, dismissed any wrongdoing by stating that the funds were transferred accidentally and were eventually returned back to the original storage.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/913e85fd-59e7-4cb5-a0c7-f9c6f5ac85e6.jpeg\"><figcaption style=\"text-align: center;\"><em>Gate.io released asset snapshot on Oct. 28. Source: Colin Wu<\/em><\/figcaption><\/figure>\n<p>On Oct. 28, Gate.io released its proof of reserves snapshot, which, Solidity developer Shegen alleged, was done using Crypto.com\u2019s funds, and questioned:<\/p>\n<blockquote><p>\u201cThis was topping up for the proof. Gate and crypto.com are fucked?\u201d<\/p><\/blockquote>\n<p>Moreover, the crypto community suspects Huobi of attempting a similar manipulation. A wallet address <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/etherscan.io\/address\/0xcac725bef4f114f728cbcfd744a731c2a463c3fc\">linked<\/a> to the Huobi exchange was found transferring 10,000 ETH to Binance and OKX deposit wallets soon after releasing its asset snapshot. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">After Huobi released the asset snapshot of the asset reserve, 10,000 ETH was transferred from 0xca&#8230;c3fc (Huobi 34) to Binance and OKX deposit wallets. The Huobi 34, which had 14,858 ETH at the time of the snapshot, currently has only 4,044 ETH left. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/wrphZxadBM\">https:\/\/t.co\/wrphZxadBM<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/B2lRXMF8su\">pic.twitter.com\/B2lRXMF8su<\/a><\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1591641783683133440?ref_src=twsrc%5Etfw\">November 13, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Blockchain investigator Colin Wu pointed out the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/etherscan.io\/txs?a=0xcac725bef4f114f728cbcfd744a731c2a463c3fc\">transactions<\/a> on Etherscan, which proves that Huobi had shown 14,858 ETH in its latest snapshot, which has since fallen down to 2,463.5 ETH at the time of writing.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/00925e16-b11a-4d18-bf83-094130423eae.png\"><figcaption style=\"text-align: center;\"><em>Huobi&#8217;s wallet information. Source: Etherscan<\/em><\/figcaption><\/figure>\n<p>While Huobi is yet to publicly retaliate against the claims put forth by the crypto community, Gate.io founder\u00a0Lin Han revealed their side of the story. Han argued that the snapshot in question was taken on Oct. 19, two days before Crypto.com&#8217;s accidental fund transfer of 320,000 ETH.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">(1\/2) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/fMCiAnAueR\">https:\/\/t.co\/fMCiAnAueR<\/a> worked with Armanino on the Proof of Reserves using a snapshot on Oct.19 2022 2 days before <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/PHnRJks7YS\">https:\/\/t.co\/PHnRJks7YS<\/a>\u2019s 320,000 ETH deposit to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/fMCiAnAueR\">https:\/\/t.co\/fMCiAnAueR<\/a>. <\/p>\n<p>Check the proof below<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/iCCKCb94kL\">https:\/\/t.co\/iCCKCb94kL<\/a><\/p>\n<p>\u2014 Lin Han (@han_gate) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/han_gate\/status\/1591668393803132929?ref_src=twsrc%5Etfw\">November 13, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Han further reiterated that Crypto.com&#8217;s funds came in after the snapshot was released and shared relevant <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/proof-of-reserves.trustexplorer.io\/clients\/gate.io\">proof<\/a> for the community&#8217;s satisfaction.<\/p>\n<p>The possibility of multiple crypto exchanges working together to manipulate investor funds has forced the community to keep their guard up until an official statement.\u00a0Huobi has not yet responded to Cointelegraph\u2019s request for comment.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Binance shares wallet addresses and activity after proof-of-reserve pledge<\/em><\/strong><\/p>\n<p>As more crypto exchanges make their cold storage information public, the immutable nature of blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> will allow investors and investigators to dive into the history of the exchange\u2019s operations. <\/p>\n<p>\u201cOur objective is to allow users of our platform to be aware and make informed decisions that are aligned with their financial goals,&#8221; said Binance while revealing wallet addresses.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/huobi-and-gate-io-under-fire-for-allegedly-sharing-snapshots-using-loaned-funds\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Huobi and Gate.io under fire for allegedly sharing snapshots using loaned funds &#8220; To counter the rising mistrust among crypto investors following the FTX collapse, crypto exchanges unanimously decided to share proof of reserve with the public as a way to showcase legitimacy. However, certain anomalies found during on-chain investigations suggest foul play and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":509525,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvMzVjMGY1YzktODlmMi00MjZmLWE2YTQtMmRlZDYyZTlkZjU3LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[88725,74860,81261,75591,74880,117,7058,70934],"class_list":["post-509524","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-assets","tag-cryptocurrency-exchange","tag-global-crypto-community","tag-huobi","tag-transactions","tag-business","tag-community","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/509524","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=509524"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/509524\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/509525"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=509524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=509524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=509524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}