Ethereum

Justin Sun Transfers $100 Million Into Huobi Amid Insolvency Rumors

  • A wallet associated with Justin Sun has transferred more than $100 million into crypto exchange Huobi.
  • The funds originated from Just Lend, a lending platform on Tron.
  • Huobi is under scrutiny as it undergoes a restructuring program following the acquisition by Sun. 
  • The exchange has decided to lay off 20% of its staff as it navigates the crypto bear market. 

Justin Sun, the man behind Tron, has reportedly transferred over $100 million into crypto exchange Huobi Global. News of the transfer comes amid growing concerns over the crypto exchange’s health and overall solvency. 

Justin Sun Moves $100 million from Binance to Huobi

According to an alert by 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 another 50 million USDC. Data from Etherscan shows that the wallet also contains $16.5 million worth of USDD, a stablecoin issued by Sun’s Tron DAO Reserve. 

A user on Twitter pointed out that these funds originated from Just Lend, a lending platform on Tron. The funds were then transferred to Binance and subsequently moved to Huobi, which is rumored to have been acquired by Sun. 

Concerns surrounding Huobi’s financial health reached a new high today. The crypto exchange revealed earlier today that it will be laying off 20% of its workforce. Justin Sun, who is also a member of Huobi’s Global Advisory Board, had denied rumors about a mass lay-off earlier this week. 

Per a report by Reuters, employees of Huobi have been asked to take their salaries in stablecoins. “With the current state of the bear market, a very lean team will be maintained going forward,” the exchange said in a statement. 

James Hume, Global Head of Sales at Huobi, addressed the concerns about the exchange. In a LinkedIn post, Hume stated that despite the ongoing rumors, internal communications at the Huobi were intact.

“Most if not all the current rumors flying around are either totally false or inaccurate. Our internal communications platform is not down and it’s business as usual apart from a few layoffs.”

Hume stated.

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