Cryptocurrency Exchange in Seychelles Huobi has provided a timeline explaining its actions during Thursday’s HUSD decoupling event.

The exchange confirmed that the problem started with the issuer of the stablecoin.

  • According to tweet from Huobi, the company detected a “ Unusual price fluctuations” 10:05 UTC on August 18.
  • Within five minutes, Huobi will contact Stable Universe Limited, the issuer of HUSD. By 10:30, both the exchange and the issuer had identified the cause — although Huobi didn’t elaborate in the tweet.
  • As of 22:00 UTC, HUSD is trading Trading resumed to $1.00 as expected. As a result, its hooks recovered within 12 hours.

  • “We want to reiterate: #Huobi has put the safety of user assets first since its inception in 2013,” the company said.

  • Data from CoinMarketCap shows HUSD fell below $0.90 on Thursday.
  • Shortly after Huobi’s official announcement Telegram group. It clarified that control of the stablecoin rests with Stable Universe Ltd, and that it had withdrawn its stake in the issuer in April.
  • Stablecoin recovery with TerraUSD, despite The Luna Foundation escort team went to great lengths to restore its hook.
  • Centralized stablecoins are facing price pressure. Tether (USDT) faces billions in redemptions after Terra falls apart, but any volatility What it went through was only fleeting.
SPECIAL OFFER(SPONSORED)

Binance Free $100 (Exclusive): Use this link to sign up and get $100 free and 10% Fee Discount on Binance Futures First Month (Terms).

PrimeXBT Special Offer: Use this link to register and enter code POTATO50 to get up to $7,000 in deposits.