According to Jinshi, Huobi has withdrawn all funds from Signature Bank and Silvergate Capital, while the funds of the exchange’s customers have not been affected. A Huobi spokesperson said, “Huobi previously had a bank account in Silvergate, but all assets were transferred out some time ago and there is currently no financial partnership,” adding that the funds deposited in Signature Bank have been withdrawn and sent to other financial institutions. Justin Sun said their business was not affected by those bank failures.