Huobi Global ranks high for asset security - here’s why

Huobi Global ranks high for asset security - here’s why

Asset security has become the most important factor for investors to consider when choosing an exchange, due to the industry’s recent series of security incidents. A crypto enthusiast has analyzed the security performance of major exchanges around the world, using hot wallet balances, 30-day deposits and withdrawals, and user balances as the key metrics.

The comparison chart below integrates this data with security rankings from CoinMarketCap and CoinGecko, two of the world’s most authoritative crypto data platforms.

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It’s clear from the chart that Binance, Coinbase, Huobi Global, and OKX are the four platforms with the highest security ratings; among these, Huobi Global boasts the highest amount of money stored in hot wallets ($1,049 million), or $273 million higher than that of Binance’s.

The 30-day deposit and withdrawal numbers have become another key factor for security performance, due to many smaller exchanges having suspended withdrawals. The chart shows that Binance features the most deposits and withdrawals, while Huobi and OKX are slightly lower, at 3.9 million and 3.6 million, respectively. Crypto exchanges Kucoin, Coinbase and Gate.io have about one million less than those of Huobi Global and Binance.

How can Huobi Global maintain such a record number of deposits and withdrawals in such a sluggish market? Some information from recent media reports that may indicate why.

Following the recent market turmoil, the company immediately stepped up measures to protect users’ assets from serious security incidents. Unlike other exchanges that suspended withdrawals, Huobi Global kept deposits and withdrawals open. The company is the only exchange in the industry to have maintained a zero security incident track record for nine consecutive years.

According to Huobi CFO Lily Zhang, the company finished auditing potential risks to user assets in June, and has confirmed that all of its user assets are safe.

In addition to high hot wallet balances and the high number of deposits and withdrawals, Huobi Global also ranks in the top three for asset balances, which are worth roughly US$46.8 billion.

By contrast, crypto exchanges such as Bybit, Crypto.com, and MEXC are considered high risk exchanges. Their hot wallet balances remain below US$200 million, or significantly lower than those of the top four exchanges mentioned above.