According to PeckShield, a wallet linked to Tron founder Justin Sun transferred more than $100 million in USDC and USDT stablecoins to Huobi cryptocurrency exchange accounts.
Formally, the funds came from Just Lend, Tron’s lending platform. The transactions came amid increased pressure on Singapore-based exchange Huobi, which has withdrawn about $85 million worth of crypto assets in the last 24 hours, according to Coinglass data.
According to blockchain explorer Nansen, the money was withdrawn from Binance and then sent to Huobi, which is majority-owned by Justin Sun. In company commentedthat the transfer “will help maintain the level of confidence in the exchange against the backdrop of massive capital outflows.”
Justin Sun, in a message on Telegram, said that these are personal funds, and their transfer demonstrates his trust in the Huobi exchange. Etherscan data shows that this wallet, in addition to USDC and USDT, maintains a reserve of $16.5 million in USDD stablecoins issued by Sun Tron DAO Reserve.
Last week, journalist Colin Wu reported that Huobi employees were asked to be paid in stablecoins, which caused protests from their side. Now, worries about Huobi’s financial health have hit a new high as the exchange has confirmed it could lay off 20% to 40% of staff.
Source: Bits
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