Huobi Global ranks high for asset security amid recent series of security incidents
Asset security has nowadays become one of the essential factors for investors to consider at the time of choosing an exchange due to the industry’s recent series of security incidents.
The report of the crypto enthusiast has analyzed the security performance of the major exchanges across the globe, using hot wallet balances, 30-day withdrawals and deposits, and user balances as the major key metrics.
The comparison chart integrates this data with the security rankings from CoinGecko and Coinmarketcap, which are two of the world’s most authoritative crypto data platforms.
It is clear from the chart that Coinbase, Binance, OKX, and Huobi Global, are the four platforms with the highest security ratings; among these, Huobi Global boasts the highest amount of money stored in hot wallets ($1049 million), or $273 million higher than that of the Binance’s.
Key factor for security performance
The 30-day deposit and withdrawal numbers have become a major key factor for security performance due to many smaller exchanges having suspended withdrawals. The report shows that Binance features the most withdrawals and deposits, while Huobi and OKX are slightly lower, at 3.9 million and 3.6 million, respectively. Crypto exchanges Coinbase, Kucoin, and Gate.io, have about one million less than those of Binance and Huobi Global.
How can Huobi Global maintain such a record number of withdrawals and deposits in such a sluggish market? Some information from the recent media reports may indicate why.
Following the recent market turmoil, the company also immediately stepped up some of the measures to protect users’ assets from serious security incidents. Unlike other exchanges that suspended withdrawals, Huobi Global kept withdrawals and deposits open. The company is the only exchange in the industry to have maintained a zero security incident track record for nine consecutive years.
As per Lily Zhang, the CFO of Huobi, the company finished auditing potential risks to user assets in the month of June and has confirmed that all of its user’s assets are highly safe.
Additionally, with high hot wallet balances and a high number of withdrawals and deposits, Huobi Global also ranks in the top three for asset balances, which are worth roughly around $46.8 billion.
By contrast, crypto exchanges such as crypto.com, MEXC, and ByBit are considered to be high-risk exchanges. Their hot wallet balances remain below $200 million, or majorly lower than those of the top four exchanges mentioned above.
About Huobi Global
Huobi Global is a leading cryptocurrency exchange with a strong presence in the Asian markets. Founded in 2013, Huobi provides a digital asset ecosystem that encompasses spot trading, derivatives trading, staking, crypto loans, crypto yield products, and more.
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
Did you like the news you just read? Please leave a feedback to help us serve you better