Justin Sun’s wallet transfers $100 million to Huobi

Key Takeaways:

  • Over $100 million has been put into the crypto exchange Huobi from a wallet connected to Justin Sun.
  • The money came through Just Lend, a Tron-based lending company.

A warning from the on-chain analytics company PeckShield claims that Justin Sun’s wallet transferred stablecoins worth $100 million to Huobi. 50 million USDT and 50 million USDC are included in this.

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 closely involved, decentralised usd (USDD), worth $16.5 million, is also included. It held $2.5 billion worth of ether at one point in time.

According to recent sources, TRON Dad Justin was supposedly set up as a buyer of the significant cryptocurrency exchange Huobi. The primary investor in this fund for mergers and acquisitions was reportedly Sun.

Sun, however, officially announced that he did not purchase the exchange’s majority stake and that Huobi simply needs him as a board advisor. While doing so, he used the word “wrong” to describe the initial report.

Returning to the $100 million transaction, a Twitter user made the observation that the money came from Just Lend, a Tron lending site. The money was then moved to Huobi, which Sun is reported to have purchased, before being moved to Binance.

Lately, worries over Huobi’s financial stability reached a new peak. The cryptocurrency exchange said that 20% of its staff would be let go earlier today. Justin Sun, a member of Huobi’s global advisory board, earlier this week rejected rumors of a massive firing.

Some exchange users discovered a $1 million buy wall had been set up for the token after the transactions to Huobi. This indicates that a trader was prepared to purchase a million dollars’ worth of huobi tokens at a particular price, lessening the likelihood that the token would decline in value.

Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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