Recently, Justin Sun, the founder of Tron, made headlines when a wallet connected to him transferred $100 million worth of stablecoins to the cryptocurrency exchange Huobi.
In an article posted by The Block earlier today, security analysts at PeckShield reported that two transactions of $50 million each of USDC and USDT were conducted at 11:10 a.m. UTC. The wallet, which can be linked to Sun through the Ethereum block explorer Etherscan, also holds $16.5 million worth of decentralised usd (USDD), a stablecoin from the Tron blockchain, and closely connected to Sun.
It has been noted that the majority of the funds in the recent transactions originated from Just Lend, a Tron-based lending platform, and were transferred to the wallet through Binance before ultimately reaching Huobi.
After the transactions to Huobi, some exchange users noticed the creation of a $1 million buy wall for $HT, indicating that someone was willing to purchase $1 million worth of the token at a specific price, which is possibly a strategy used to keep the token price from crashing.
The news comes at a time when Huobi is in the public eye, with rumours circulating about layoffs and a mandate for employees to be paid in stablecoins rather than fiat currency.
Additionally, there have been unconfirmed reports of internal communication platforms being shut down, which caused the price of Huobi’s token ($HT) to drop to a low of $4.30 from $5.20 over the past 48 hours. $HT has since recovered to $4.64 at time of going to press.
In response to these rumours, Huobi’s Global Head of Sales, James Hume, posted on LinkedIn that “most if not all” of them were “totally false or inaccurate.” Hume went on to clarify that the exchange’s internal communication platform was functioning normally and that it was “business as usual.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.