Recently, we had made the decision to close several accounts in specific regions to comply with legal requirements, which included some market maker accounts. Due to the time difference in banking hours, this resulted in a short-term liquidity problem but has since been resolved.
— HUSD (@Stablecoin_HUSD) August 19, 2022
Overview of the HUSD incident:
On Aug 18 at 10:05 (UTC), Huobi detected unusual price fluctuations of HUSD.
At 10:10 (UTC), we contacted Stable Universe Limited, the issuer of HUSD.
At 10:30 (UTC), we confirmed the cause with the issuer and worked together on a solution.
— Huobi (@HuobiGlobal) August 19, 2022