A wallet linked to Justin Sun moved more than $100 million into the Huobi crypto exchange. The funding comes from Just Lend, a lending platform on Tron. Huobi is being heavily scrutinized as it embarks on a restructuring program following its acquisition by Sun.
The exchange has decided to leave 20% of its users to navigate the crypto bear market. Justin Sun, the person behind Tron, allegedly moved more than $ 100 million into the Huobi Global crypto exchange. News of the transfer comes amid growing concerns about the health and safety of crypto exchanges.
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Justin Sun Transfers $100 Million from Binance to Huobi
According to an alert from on-chain analytics firm PeckShield, a wallet associated with Justin Sun transferred $100 million worth of stablecoins to Huobi. This includes 50 million USDT and an additional 50 million USDC. Data from Etherscan shows that the wallet also holds $16.5 million USDD, a deposit provided by Sun’s Tron DAO Reserve.
A user on Twitter pointed out that these funds came from Just Lend, a lending platform on Tron. The money was transferred to Binance and transferred to Huobi, which is said to have acquired Sun.
Concerns about Huobi’s financial health reached new heights today. The crypto exchange revealed earlier today that it will be laying off 20% of its employees. Justin Sun, who is also a member of Huobi’s global advisory board, denied rumors of mass layoffs earlier this week.
According to a Reuters report, Huobi employees were asked to receive their salaries in stablecoins. “With the current state of the bear market, a strong group will be maintained going forward,” the exchange said in a statement.
James Hume, head of global marketing at Huobi, responded to concerns about the change. In a LinkedIn post, Hume said that despite the ongoing rumors, internal communications at Huobi are not good. “Most if not all of the rumors being circulated are completely false or inaccurate. Our internal communications system is not as low or business as usual, with the exception of a few layoffs.
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