Tag: ht

Chinese Police Seize $14M in Crypto from Scammers Posing as Huobi Officials

The Chinese police arrested a crypto scammer gang in Wenzhou that reportedly swindled $14.3M in cryptocurrencies.  

The gang, which was made up of Chinese graduate classmates, operated by reaching out to victims through Telegram group chats, one of which was called “Huobi Global Moving Brick Arbitrage HT Chinese Group Community.” By posing as the global investment group and with the help of devised marketing schemes, the fraudsters advocated the use of “smart contract” blockchain technology in order to invest their “clients'” money. 

They claimed that the blockchain smart contract could generate Huobi Tokens (HT) – the official coin of the cryptocurrency exchange Huobi. The criminals told victims that this investment would enable the latter to earn an 8% return via arbitrage. 

The fraudsters convinced individuals to transfer Ethereum coins to a designated web address, after which the client would be compensated with 60 HT. They posed as investors and they told interested participants that all they needed to do was send their crypto coins to a fake Huobi wallet address, after which the victims would receive the promised HT tokens in return. Instead, it was reported that individuals falling for the scam only received a fake HT link in return. One victim came forward and filed a complaint to the local police. He told them: 

“Simply put, you send one unit of Ether to a designated account, and they send you 60 HT. If you sell it, the profit you gain is around 8%.” 

After investigating the criminal case for more than a month, Chinese police officers finally managed to locate the scammers. During their raid, officers arrested 10 suspects residing in a luxury villa and a commercial house in the Cangshan District of Fuzhou City. The police also seized real estate property, two luxury cars — a Ferrari and a McLaren — estimated to respectively be of $430,000 USD and $570,000 USD in value. 

Bitcoin and Ethereum win sentiment scores 

With cryptocurrencies on the rise, hackers and fraudsters have been quick to use this to their advantage. Ethereum, Litecoin, Bitcoins, and Zcash appear to be popular choices used in fraudulent activities. Though cryptocurrencies are relatively safe and secure, the guaranteed transparency of them can sometimes be problematic. 

A random sample population surveying whether people generally had a positive or negative outlook on cryptocurrencies found that Bitcoin and Ethereum generated the most positive outlooks, while Binance coin received the highest sentiment rate. Eleven cryptocurrencies were used in the experiment. 

Huobi Token Breaches $29.54 – What's Next?

Huobi Token (HT) is a decentralized digital asset based on Ethereum that is launched by world-leading cryptocurrency trading platforms Huobi. It hit a record high of $29.54 on May 2.

It has a limited total supply of 500 million issued by Huobi Group. According to Coinmarketcap, HT is ranked the 34th digital asset with a market cap of $5,077,540,808.

HT’s recent performance has been outstanding, and it has risen by 53.32% in the past week.

Previously, the direct listing of the Coinbase exchange mades investors re-examine the potential of virtual currency exchanges. Huobi has seen its native token HT increase by 825% since the beginning of 2021.

Now, HT has reached a new high of $29.54, with a return rate of 5900%, from $4.28 to $29.54 today on a year-to-date basis.

Huobi Token (HT) Price Analysis

Source：HT/USDT Daily via TradingView

Huobi Token (HT) surged above the previous high of $26.89 on May 1. It hit a record high of $29.54 on the following day. However, after touching its all-time high (ATH) yesterday, the HT’s price suffered strong selling resistance. From a trading volume perspective, yesterday’s trading volume was almost the same as the day before, which proves that there were a large number of tied-up altcoins before that were being sold yesterday.

However, although the bears are currently trying to pull the price below the breakout level of $26.89 and trap the aggressive bulls, it is unsuccessful so far.

At the time of writing, Huobi Token is trading at $27.98.

The transaction price of HT/USDT is much higher than the Exponential Moving Average ribbon. Both the upward sloping moving average and the bullish MACD index indicate that the bulls are currently dominating the market.

However, the Stochastic RSI is merged at the overbought zone, which implies that a bearish crossover may be formed later and a downward trend may develop. However, this may only be a short-term correction, although the bulls are finding it difficult to push the price back to the all-time high of $29.54. This may lead to high volatility in the short term for Huobi Token.

The previous resistance level of $26.89 has been flipped to a support level. If the bulls actively defend the $26.89 support level, it indicates that there is strong buying trend every time a small decline occurs, meaning it is only a matter of time before Huobi Token breaks through its all-time high again. When Huobi Token hits a new high, this will indicate that the altcoin will not encounter strong selling pressure on its way up. It is very likely that Huobi Token breaks through $35 in the short term.

If a large number of sell orders are triggered, HT’s price will drop and continue below $26.89 for three days, before HT/USDT tests the 20 day-Exponential Moving Average of $21.24. A break below the 20-EMA of $21.24 may indicate the beginning of a deeper correction.

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