NewsletterAround $150 Million Exchanged Between Justin Sun and Binance Amid Huobi FUD
Justin Sun, shadow owner of the Chinese crypto exchange, Huobi Global on Thursday affirmed that they are planning to lay off around 20% of its staff. Since this announcement, Huobi’s native crypto price has dropped by around 12% in the last 24 hours. However, data depicts that Justin Sun is moving huge amounts of funds amid this drop.
Justin Sun moving stablecoins amid FUD
As per whaleAlert, a wallet address linked to Justin Sun has moved $100 million worth of USDC and USDT tokens to some unknown wallet. He moved $50.027 worth of USDT to another wallet. While the same amount of USDT tokens was sent to Justin earlier.
It is interesting to note that around $100 million worth of USDT and USDC were transferred from the Binance, crypto exchange to Huobi Global’s shadow owner in multiple transactions. Earlier, Justin Sun moved around $50 million worth of $50 million worth of USDT to Binance.
The tracker further noted that $100 million worth of USDC and USDT tokens were moved from an unknown wallet to Huobi, crypto exchange.
These huge transactions have been recorded when Huobi’s token and TRON (TRX) token is on a drop. Earlier, Coingape reported that TRON’s stablecoin USDD is de-pegging heavily and might collapse ahead due to uncertainty.
Reports suggest that he will shut down 1,100 staff Huobi China HQ in order to re contracting all China employees.
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