HTX

To assess Huobi's credibility, it is better to look at several independent indicators such as trading volume, liquidity, security, track record and reserve transparency rather than relying on the exchange's own claims. HTX, which has been operating since 2013, still ranks among the major centralized exchanges in the crypto market. In CoinMarketCap's current ranking, the exchange sits in tenth place by spot trading volume, with a recorded 24-hour trading volume of about $712 million.

On the other hand, CoinGecko has given HTX a Trust Score of 6 out of 10. This score is calculated from a set of criteria including liquidity, scale of operations, regulatory status, cybersecurity, history of security incidents and proof of reserves. At the time of review, HTX ranks 50th in CoinGecko's exchange list by Trust Score. These figures show that HTX cannot be classed as a low-credibility or unknown exchange; however, in terms of trust and liquidity indicators, it is not on the level of top players such as Binance, Coinbase and Kraken.

Overall, more than a decade of operation, substantial trading volume and a consistent presence in reputable rankings confirm HTX's position as a long-standing and significant player in the global market; however, its current CoinGecko score shows that HTX's credibility should not be rated «very high» based solely on its age or trading volume. Before making a decision, the exchange's regulatory status and geographic restrictions should also be checked separately, an issue of particular importance for Iranian users.

 

 Has Huobi exchange ever been hacked or involved in fraud?

Yes; Huobi Global has faced several major security incidents in the past, but there is no credible evidence that the exchange itself was involved in any case aimed at defrauding users. The most significant attack took place in November 2023, during which about $30 million in digital assets was stolen from HTX wallets. The exchange confirmed the attack and announced that users' losses would be fully compensated.

This incident came just two months after HTX's hot wallet was attacked on 24 September 2023 and 5,000 ETH, worth about $8 million at the time, was stolen. After negotiating with the exchange, the hacker returned all the stolen assets and in return received a reward known as a White Hat Bounty. 

Before that, in November 2022, an incident linked to a vulnerability in the GALA project and pNetwork led to abnormal assets being created on HTX; however, this case cannot be considered a direct hack of the exchange's wallets. Also in 2023, the leak of 3Commas API keys created another security risk for some users, and HTX asked them to revoke and recreate their keys.

Despite this history, HTX has stated that it holds a significant portion of assets in cold and multi-signature wallets and has also set aside a reserve to cover potential losses from security incidents. Therefore, HTX's record shows several serious security incidents, but this is different from proof of fraud by the exchange itself.