- Wallets associated with Justin Sun transferred over $100 million to crypto exchange Huobi.
- The funding was raised from Just Lend, Tron’s lending platform.
- Huobi is under scrutiny as it undergoes a restructuring program following its acquisition by Sun.
- The exchange has decided to lay off 20% of its staff as it navigates the cryptocurrency bear market.
Justin Sun, the man behind Tron, reportedly transferred over $100 million to cryptocurrency exchange Huobi Global. News of the move comes amid growing concerns about the health and overall solvency of cryptocurrency exchanges.
Justin Sun Transfers $100 Million from Binance to Huobi
According to an alert from an on-chain analytics firm pec shield, a wallet associated with Justin Sun transferred $100 million worth of stablecoins to Huobi, including 50 million USDT and another 50 million USDC. The wallet also contains $16.5 million worth of his USDD, a stablecoin issued by Sun’s Tron DAO reserve, according to Etherscan data.
user on twitter He pointed out that these funds came from Just Lend, Tron’s lending platform. The funds were then transferred to Binance and then to Huobi, which is rumored to have been acquired by Sun.
Concerns over Huobi’s financial health reached a high today. The cryptocurrency exchange announced today that it will lay off 20% of its workforce. Justin Sun, who is also a member of Huobi’s global advisory board, denied mass layoff rumors earlier this week.
According to a Reuters report, Huobi employees are being asked to receive their salaries in stablecoins. “In the current state of the bear market, we will continue to have a very lean team,” the exchange said in a statement.
James Hume, Global Head of Sales at Huobi, said of his concerns about exchanges: In a LinkedIn post, Hume said Hume’s internal communications were intact despite the ongoing rumors.
“Most, if not all, of the rumors currently circulating are either completely false or inaccurate. is doing business.”