3 months ago 1 min read

Justin Sun: Huobi Thinks SEC's Influence Has Passed

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In a string of tweets on March 24, Justin Sun stated that Huobi feels the repercussions of recent accusations against his other ventures have ended.

The American on March 22. Charges were brought by the Securities and Exchange Commission (SEC) against Justin Sun and three businesses that are connected to him.

The SEC specifically accused the TRON Foundation, whose founder and CEO was Sun, until 2021. Two BitTorrent-related businesses were also sued by the government; Sun briefly served as CEO of those businesses when TRON bought the project in 2018.

Sun is no longer CEO, yet he is still connected to and owns those businesses. As a result of his current role as an advisor for the cryptocurrency exchange Huobi Global, worries regarding TRON and BitTorrent have now spread to the exchange.

Huobi Was Barely Impacted

Huobi "feels that [the issue] has come to an end," as per Sun, who posted this on his Chinese-language Twitter account.

After the SEC allegations, Sun claimed in a thread that Huobi only saw a net withdrawal of $30 million in a single day. Sun noted that Huobi had recently seen daily net deposits of $20 million. He pointed out that one and a half days' worth of costs to Huobi were "worthless" and that the SEC's charges reflected five years' worth of "output" from the regulator.

As per Sun, the exchange experienced "a wave of crazy output and a wave of coin withdrawals" in relation to cryptocurrency activity, which was offset by a net deposit of $7 million.

Sun has a "to-do list" for Huobi that includes launching new coins, making enhancements, and pouring tens of millions of dollars into the exchange.

Huobi Token (HT) is down 10% over the past week, and today's trading volume on the market was just about $840 million.

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