CB Iran wants to buy Bitcoin, COO Huobi arrested and a solution for liquidity problem Lightning

3 min readNov 4, 2020
Photo by Bermix Studio on Unsplash

‘COO Huobi arrested by Chinese police’

Allegedly, the COO of the crypto exchange Huobi is arrested by the Chinese police. According to two independent reports from Chinese media sources Colin Wu and Deep Chain Financial, they have taken Robin Zhu Jiawei under custody.

As soon as the report regarding arrests at Huobi leaked, customers began fleeing the exchange. Analytics website Whale Alert reported $110 million outflows from Huobi to Bitfinex.

Huobi later said that the “rumors are false,” and all of its management officials have been accounted for.

The news follows by the hassle around BitMEX and OKEx. The derivates platform is accused and charged by the CFTC, while OKEx had to stop withdrawals due to a problem with a (private) key holder. Huobi holds 287,878 BTC for their customers, according to Chain.info.

Source: Cryptobriefing

Lightning Labs launches Pool to solve liquidity problem

Lightning Labs, known for their lnd implementation, announced the release of Pool. It is a “a non-custodial, peer-to-peer marketplace” which could solve the liquidity problem on the second-layer platform.

The Pool allows node operators to buy and sell satoshi’s and payment channels to the ones who need and/or can serve inbound liquidity.

Meaning, the firm would now allow users to generate non-custodial yield on their bitcoin holdings, “without losing custody of their funds” by routing payments between other nodes.

“The yield is earned from buyers on the Pool willing to pay a premium for access to new capital on Lightning without counterparty risk.”

It’s a new step for the Lightning Network to solve the problems with liquidity in the payment channels. It is a perfect method for routing nodes to allocate Bitcoin to the places where it is needed.

Source: Lightning Labs

Central Bank Iran wants to buy Bitcoin from miners

According to a report from the state-run Iranian Students’ News Agency (ISNA), Iran has established new regulations to funnel Bitcoin mined by Iranians into state coffers so it can use them to pay for imports.

The Ministry of Energy and Central Bank of Iran (CBI) wants each cryptocurrency miner to be registered and sell the tokens they mine to CBI. The country, which has watched its foreign reserves dwindle by over 33% in two years, has increasingly eyed Bitcoin as a workaround to crippling US sanctions.

“The regime is struggling to acquire the foreign currency they need to procure imports such as machinery, industrial inputs and consumer goods.”

Source: Decrypt

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