Justin Sun, Tron founder and crypto mogul Justin Sun moved $100 million of his Tron stablecoins today to his Huobi cryptocurrency exchange Huobi. news dropped It was cutting staff.
Nansen’s blockchain data indicates that the cash was taken from Binance, and then sent to Huobi. Sun holds a majority of Huobi.
The money came in USD Coin (USDC), and Tether (USDT). Sun confirmed that the money was in USD Coin (USDC) and Tether (USDT). Bloomberg that he moved the “personal funds” because it “shows the confidence to Huobi exchange.”
Nansen’s Martin Lee said on Twitter that the transfer “might be to help with the increased withdrawals or maintain a level of confidence in the exchange.”
Clients have been taking out large sums of money: Nansen today stated that $60.9 Million of the $94.2 Million in net outflows in the last week was in the 24 hours.
Huobi in Singapore, fourth largest digital asset exchange, with a daily trading volume of $371 millions and a 24 hour trading volume, has experienced troubles recently. Reuters reported that it would lay off 20% of its staff—after Sun denied the rumors.
It was last week. reported Colin Wu, an independent crypto journalist, claimed that staff salaries were being paid using stablecoins. This prompted protests from employees.
Decrypt Sun and his representatives were not available for comment. Sun and his team repeatedly claimed that people spread FUD (fear uncertainty and doubt) around this exchange.
“First, it’s important to recognize that the world of crypto can be volatile and uncertain at times. There will always be ups and downs, and it’s easy to get caught up in the fear, uncertainty, and doubt (FUD) that can come with it,” Sun said on Twitter Friday.
Huobi’s “FUD” comes at a time when confidence in digital asset exchanges is shaky: last month, the world’s biggest exchange Binance issued A statement to assure clients that the finances were in order.
November was a difficult month for FTX. It was one of the most well-known and popular crypto exchanges. spectacular collapse. The company lost billions of dollars in clients’ funds after it was Allegedly, it was mismanaged by “a very small group of grossly inexperienced and unsophisticated individuals,” according to its new CEO John J Ray, who is overseeing the company’s bankruptcy restructuring.
FTX’s troubles started when a selloff in the exchange’s FTT token rocked customer confidence and led clients to rush to take their funds out. The company was forced to declare it didn’t have one-one client assets reserves, leading to a liquidity crisis that led to the exchange having to stop clients from withdrawing funds before declaring bankruptcy.
The entire crypto ecosystem—coins, tokens and companies—has been reeling ever since.
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