China’s recent ban on crypto transactions and crypto miners caused the Huobi mining pool to transfer $ 4.21 billion to Bitcoin
According to analytics data provided by IntoTheBlock, the Huobi Bitcoin mining pool, the eighth largest in the world, has shifted almost 100,000 BTC, following the Chinese government’s recent crackdown on the crypto industry.
Huobi miners move 100,000 BTC
The team at on-chain data provider IntoTheBlock have made it known that the consequences of the recent tightening of crypto regulations by Chinese authorities have caused the eighth largest Bitcoin mining pool in the world – Huobi – to transfer a huge amount of Bitcoin.
The pool has shifted close to 100,000 BTC, which constitutes $4.21 billion in fiat. This is the largest amount transferred by miners since late December 2017 – when Bitcoin hit an all-time high of almost $ 20,000.
IntoTheBlock analysts believe that this major Bitcoin shift could have been done to cover the withdrawals requested by Huobi customers as they are moving BTC from the exchange to cold wallets.
Huobi bids farewell to all mainland Chinese customers
As U.Today reported over the weekend, the two largest cryptocurrency exchanges – Huobi and Binance – are currently facing heavy pressure from authorities in mainland China.
Over the weekend, the news first came out that Huobi will suspend the registration of all new clients from mainland China and, the following day, the platform announced that it would gradually stop servicing all of its users from the region, yielding to pressure posed by the local government.
Binance is in the same situation right now. According to Chinese crypto news outlet 8BTCnews, the world’s largest exchange in terms of trading volume has stopped letting new Chinese clients jump on the platform.
Chinese stock exchanges close, but resigning employees are hired again
According to Chinese cryptocurrency journalist Colin Wu, Huobi and Binance are not the only exchanges that are facing regulatory pressure in China. The BiKi exchange, in which DuJun, co-founder of Huobi, has invested, announced its upcoming closure on November 30. The platform plans to repurchase its native coin from users.
Colin Wu also reported that besides BiKi, several Chinese exchanges have announced their closure. However, he tweeted that headhunters are starting to make offers to employees who have resigned from those platforms as more institutions continue to work in the crypto sphere and expand it.
Software engineers are particularly sought after by companies in the crypto industry, he added.
