The waves of problems on Binance have not subsided, as it started with Huobi ...

Unexpected news:
-Huobi top executives and TRON developers arrested in China.
-Binance has started a massive sell-off of USDT.
-USDT has been in a mild deprivation for a week now.
-Huobi's balance dropped from $700 to $90 million in a month. -The Merkle Huobi tree (a balance sheet publication introduced after the FTX crash) hasn't been updated in a month.
Steaking USDT with a 4.29% yield is the main source of the problem.

What is the essence of steaking

You buy stUSDT notes with your USDT. Justin Sun is supposed to buy US bonds with them, but as analyst Adam Cochran writes, he doesn't. Instead, investors' USDTs are deposited in the addresses of the exchange and Justin Sun's personal wallets.

He spends them to support his other projects. And in a moment, if everyone wants to withdraw their USDT, Huobi simply won't have the money to process the withdrawal.

This is also the case with ETH. Sun has turned them into stETH. Users think there are 141,000 ETH on the balance in Huobi, but no.

New cryptocrisis or just 1 less exchange on the market ?