A wallet linked to Tron founder Justin Sun has moved the $100 million stablecoin to the Huobi exchange.
According to security analyst PeckShield, this wallet transferred 50 million USDC and 50 million USDT to the exchange.
Wallet Linked to Justin Sun Transfers $100M
According to Etherscan data, this wallet is known to be associated with Sun. Inside the wallet is 16.5 million USDD, a collateralized stablecoin with which Sun is closely associated. It was stated that 2.5 billion dollars of Eth was hosted for a period.
One analyst said most of the funds came from the lending platform Just Lend, which is on the Tron blockchain, and was sent to the wallet via Binance before entering Huobi.
The development came at a time when Huobi was under close scrutiny. Although it was recently reported that Sun bought the exchange through a brokerage firm, Sun claimed to be only an advisor.
Since the rumors began, there have been several layoffs at the company and forced changes, such as paying employees in stablecoins instead of fiat currency.
These developments caused Huobi’s native token HT to depreciate. The asset, which was above $5 last week, is trading at $4.64 at the time of writing.
However, it has also been claimed that Justin Sun has recently withdrawn $ 200 million from the Binance exchange.
