spot_imgspot_imgspot_img

Huobi Attracts $200 Million in Crypto Amid Rising Pull

  • Justin Sun, founder of TRON, reportedly transferred $210 million in cryptocurrency to Huobi exchange, where he sits on the advisory board.
  • This move comes amidst rumors of investigations and arrests of the exchange’s executives in China, leading to large withdrawals by users.
  • It is suggested that Sun’s wallet withdrew $200 million USDT from peer-to-peer lending platform JustLend and deposited it directly into Huobi, boosting its USDT reserves from $85 million to $285 million.

Justin Sun, the brain behind TRON, is said to have transferred a substantial amount of cryptocurrency to Huobi exchange, where he is an advisor. This comes in the wake of rumors about the exchange’s executives being under investigation and possible arrests in China, which has resulted in significant withdrawals by users. It is believed that Sun’s wallet withdrew a whopping $200 million USDT from JustLend, a peer-to-peer lending platform, and deposited it directly into Huobi, thereby increasing its USDT reserves from $85 million to $285 million.

Justin Sun’s Alleged Intervention in Huobi’s Crisis

As the founder of TRON, Justin Sun has been linked to a significant transfer of cryptocurrency to Huobi exchange, where he serves as an advisor. Amidst rumors of the exchange’s executives being under investigation and potential arrests in China, there have been substantial withdrawals by users. In response to this crisis, it is alleged that Sun’s wallet withdrew $200 million USDT from JustLend, a peer-to-peer lending platform, and deposited it directly into Huobi. This move has reportedly boosted Huobi’s USDT reserves from $85 million to $285 million.

Speculations Surrounding the Transfer

On-chain analysts have suggested that the person behind this significant transfer is Justin Sun, and the wallet involved belongs to him. However, a spokesperson from Huobi has denied these claims, stating that Justin Sun was not the one who made the transfer. It is worth noting that the wallet in question is currently one of the top ten addresses holding the most TRX.

Recent Developments Involving Justin Sun

Justin Sun has recently been in the news for partnering with Curve, a platform that was hacked and is still experiencing a crisis. As part of this partnership, a decision was made to create a stUSDT pool on Curve. It has also been reported that Huobi exchange has an additional $400 million stUSDT balance.

Conclusion

In conclusion, while the rumors surrounding the substantial transfer to Huobi exchange continue to circulate, the truth remains unclear. Despite on-chain analysts pointing fingers at Justin Sun, Huobi has denied these allegations. As the situation unfolds, the crypto community is keeping a close eye on the developments.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news

spot_imgspot_imgspot_imgspot_img

Latest News

Bitcoin Approaches Its Next Halving: Can This Time Be Different?

As Bitcoin nears another halving, the crypto community watches closely, anticipating its potential impact on the market amidst evolving circumstances.

Bitcoin Funding Rate Dips Negative Amid $251M ETF Inflows: A Bearish Signal or Market Resilience?

This article delves into the recent negative turn in Bitcoin's funding rate against a backdrop of significant ETF inflows, exploring whether this signals a bearish trend or underscores the cryptocurrency's resilience.

Massive XRP Transfer Raises Concerns: XRP May Experience Selling Pressure!

The substantial transfers of XRP have garnered attention; will the transfers to Bitso and Bitstamp create selling pressure on XRP?

Uniswap Introduces “uni.eth” Subdomains with ENS Integration: Here are the Details!

Decentralized exchange platform Uniswap has introduced uni.eth subdomains with Ethereum Name Service integration.

Ripple Initiates Collaboration with Zoniqx to Empower Asset Tokenization

Ripple, a leading enterprise blockchain and crypto solutions provider, joins forces with Zoniqx: Here are the details!
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Ethereum Breaks $3K as Rally Continues: What’s Next for ETH?

This article dives into Ethereum's recent surge past $3,000, analyzing the technical indicators and market dynamics driving its ascent and future prospects.

Will Bitcoin Rise To $50,000? Current BTC Analysis

Bitcoin is trading at $48,400 and may rise to $50,777 if it closes above $48,200. However, caution is advised in the range of $50,777 - $52,000. Corrections are common in the crypto market, so careful consideration is necessary before spot investments.

Where is the Solana Rise Target? Current SOL Analysis!

Solana is trading near the $108 resistance on the 8-hour chart, with a potential target of $111.84 if it surpasses this level. However, caution is advised in the $111.84 - $117.20 resistance range on the 6-hour timeframe.

Medium Term Ethereum Technical Analysis! What Awaits Its Investors?

When examining the medium-term technical chart of Ethereum, strong buying pressure is observed, pushing the price up from the $2139 support to the $2350 region. However, for the price to sustain its upward movement, it needs to surpass the $2407 resistance.

Can Bitcoin Fall To $35,000 Levels? Current BTC Analysis

When examining Bitcoin's 5-day technical chart, the analysis from January 18 is ongoing, indicating a continued downward movement from the $48,189 level. Bitcoin needs to close 5-day candles above the $44,200 resistance to gain momentum for an upward trend. 
Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
spot_imgspot_imgspot_imgspot_img

Bitcoin Approaches Its Next Halving: Can This Time Be Different?

As Bitcoin nears another halving, the crypto community watches closely, anticipating its potential impact on the market amidst evolving circumstances.

Bitcoin Funding Rate Dips Negative Amid $251M ETF Inflows: A Bearish Signal or Market Resilience?

This article delves into the recent negative turn in Bitcoin's funding rate against a backdrop of significant ETF inflows, exploring whether this signals a bearish trend or underscores the cryptocurrency's resilience.

Massive XRP Transfer Raises Concerns: XRP May Experience Selling Pressure!

The substantial transfers of XRP have garnered attention; will the transfers to Bitso and Bitstamp create selling pressure on XRP?