3 months ago 2 min read

Justin Sun's Wallet Sends $100M Worth of Stablecoins to Huobi

justin sun-huobi-tron-stablecoin

Stablecoins worth $100 million were transferred from a wallet associated with Tron developer Justin Sun to the Huobi cryptocurrency exchange. Security analysts PeckShield report that around 11:10 a.m., there were two transactions totaling $50 million in USDC and USDT apiece. UTC.

Since Sun is associated with the wallet on the Ethereum block explorer Etherscan, the company that runs the explorer can infer that Sun is the owner of the wallet via on-chain reasoning. Decentralized USD (USDD), worth $16.5 million, is a collateralized stablecoin that Sun is closely associated with. It once contained ether valued at $2.5 billion.

The majority of the funds were obtained through Just Lend, a Tron-based loan company, and were then transferred to the wallet via Binance before being sent to Huobi.

This happens just when Huobi needs it the most. Sun denies buying the exchange through a middleman company; he insists that he is merely a counselor. Nevertheless, a lot has changed since then, including layoffs and a rule requiring employees to be paid in stablecoins as opposed to fiat money.

The price of the Huobi token dropped as a result of these alterations and worries that internal communications may have been interrupted (HT). It dropped from a top of $5.39 to a low of $4.33 over the last 48 hours. The token has since recovered and is now $4.80.

Chart of Huobi Token Prices, via Coin Aquarium

Furthermore, James Hume, the worldwide head of sales for Huobi, said on LinkedIn that the majority, if not all, of the circulating reports were entirely untrue or erroneous.

We've been receiving a lot of mails about the recent FUD, so I simply wanted to address it here. The vast majority of the current rumors are erroneous or completely untrue, if not all of them. With the exception of a few layoffs, our internal communications platform is not down, and business as usual is continuing.
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