I don't know what's going on with Huobi, but they are lying to their users, and that's a reason to be cautious if we learned anything from Celsius, BlockFi,..etc
So what happened?
Nearly 22 days ago, Huobi froze $USDP (Pax Dollar) entirely. If you have $USDP in Huobi, you can't do ANYTHING with it at all.
This was the announcement:
As the Paxos Standard project will be updating its (Paxos Standard)PAX Ticker to USDP, Huobi Global will be suspending the trading, withdrawals and deposits of PAX from 02:00 (UTC) on June 6, 2022 until the update is completed.
Here is what's wrong:
Paxos has already rebranded and renamed the ticker (in the smart contract) nearly a year ago.
Huobi gave users a small window to act (less than a day) and didn't notify them by email.
What's the rush for renaming a ticker now during the most volatile time of the cycle when traders need their funds the most, especially that rebranding happened a year ago!
I asked Huobi for a clarification but they doubled down:
Hello, sorry for the inconvenience, we need to cooperate with the project team to complete the token name change. After the code is modified, we will restore it as soon as possible, and will also issue an announcement notice. Please pay attention to the follow-up announcement, or the status update of the deposit/withdrawal page. Thanks for your understanding.
That's obviously false. There is no code change to be completed. There wasn't even a code change a year ago (just a simple update of the "Symbol" property in the smart contract that doesn't affect anyone). There is no cooperation needed from the Paxos team.
You can see for yourself, the Pax Dollar contract is functional and active. $USDP is fully active on other exchanges.
I don't know whether Huobi is having financial troubles or not, but at the very least, this should serve as a warning to users, Huobi could freeze any coin (even a basic ERC-20 stablecoin) for a prolonged time without a legit reason.
I keep my crypto on a hardware wallet, but wanted to trade during the market crash and unfortunately made a $USDP deposit just few days before it got completely frozen.
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