Wallet Related To Justin Sun Transfers $100 Million Stablecoins To Huobi

Key Points:

• A wallet linked to Tron creator Justin Sun transferred $100 million in stablecoins to the cryptocurrency market Huobi.
• Two transactions involving $50 million each in USDC and USDT occurred at 11:10 a.m. UTC.

Stablecoins worth $100 million were transferred to the cryptocurrency market Huobi from a wallet linked to Tron creator Justin Sun. According to security analysts PeckShield, two transactions involving $50 million each in USDC and USDT occurred at 11:10 a.m. UTC.

The wallet is linked to Sun on the Ethereum block explorer Etherscan, which allows the firm that runs the explorer to assume that he is the owner based on on-chain logic. A collateralized stablecoin with which Sun is intimately involved, decentralized USD (USDD), worth $16.5 million, is also included. It had $2.5 billion worth of ether at one point in time.

One witness noted that the majority of the cash came through Just Lend, a Tron-based lending business, and was transferred to the wallet via Binance before being forwarded to Huobi.

This occurs at a critical juncture for Huobi. Sun allegedly purchased the exchange through a middleman firm, a claim he rejects, insisting that he is only an advisor. Nevertheless, there have been many significant developments since then, including layoffs and a requirement that salaries be paid in stablecoins rather than fiat money.

These modifications and concerns that internal communications may have been cut off caused the price of the Huobi token to decline (HT). Over the last 48 hours, it dropped from a high of $5.39 to a low of $4.33. Since then, the token has recovered and is at $4.80.

Additionally, James Hume, the head of sales for Huobi globally, said on LinkedIn that most if not all, of the reports going around were totally false or inaccurate.

With a lot of FUD going around the last few days I just wanted to address it here as we are getting a lot of messages. Most if not all the current rumours flying around are either totally false or inaccurate. Our internal communications platform is not down and its business as usual apart from a few layoffs.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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