Justin Sun transfers $100 million to Huobi.
According to Sun the move would bolster confidence in the exchange.
Huobi recorded a net outflow of $60.9 million in 24 hours following FUD.
The crypto tycoon and creator of Tron, Justin Sun, moved $100 million worth of his stablecoins to his crypto exchange Huobi after announcing that the exchange was laying off employees. According to Nansen blockchain data, the funds were transferred from Binance to Huobi, where Sun owns a controlling share.
The funds were dispersed in USD Coin (USDC) and Tether (USDT). Sun later noted that he sent the “personal funds” because doing so “shows the confidence to Huobi exchange.” Martin Lee, a Nansen analyst, commented that the move “might be to help with the increased withdrawals or maintain a level of confidence in the exchange.”
Per crypto tracking platform WhaleAlert, Justin Sun previously transfe …
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