- 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.
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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
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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.
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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.