Huobi Token the native Token of the Huobi Exchange is down 33% in one Hour no reasons given. But old ties to Silvergate means get your money off the exchange.

There isn't any immediate news for why the Huobi Exchange Token is immediately down. However it's taken a much sharper crash than the rest of the market.

https://preview.redd.it/5s7z51ex6sma1.png?1044&format=png&auto=webp&s=4c7af2a42c5476586208cfe4af29b312dd5861e2

Knowing Silvergate used to partner with nearly all of the major exchanges I decided to look for a connection, and found reports from January on Twitter that Huobi banked with Silvergate and might have had trouble accessing their reserves.

Around the same time Justin Sun founder of Tron - sent $100M in stablecoins from Binance to Huobi.

Then 13 days later Huobi announced that Justin Sun would be leading the exchange. Source

“Under the leadership of Justin Sun, it can be said that Huobi has embarked on the path to rebirth,” the blog post said.

Could the complete failure of Silvergate reveal deeper damages at Huobi? That's not clear, but if you have crypto at Huobi you should be taking it off the exchange. The cratering token could signal much larger problems for the exchange that we're not yet aware of.

Edit: Seriously get your crypto off Huobi, It's could be very real that they are dumping their exchange token to cover user funds or trying to cash out. Alex Mashinsky dumped a ton of CEL prior to Celsius declaring bankruptcy.

Edit2: Justin Sun's Tron is now experiencing moves. Down 10% over the hour while the rest of the market is stable on the hour. The market is either anticipating something bad happening behind Justin Sun's ventures is responding to something bad happening.