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Huge 5,000 ETH Move to Justin Sun-Backed Huobi Lights up Speculation

Tue, 08/08/2023 - 13:55
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Tomiwabold Olajide
Interesting fact comes to light in wake of 5,000 ETH move to Huobi
Huge 5,000 ETH Move to Justin Sun-Backed Huobi Lights up Speculation
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In recent hours, it has been reported that a Tron address sent a massive 5,000 ETH stash to the Huobi crypto exchange. The address is thought to belong to TRON founder Justin Sun.

PeckShieldAlert reported that a Justin Sun-labeled address on the Tron network withdrew 200 million USDT from JustLend, a Tron-based lending platform, and subsequently moved the funds to the Huobi cryptocurrency exchange.

Following that, the same address on the Ethereum network sent 5,000 ETH to the Huobi crypto exchange, which is valued at $9.14 million.

An intriguing twist emerges, however, in that PeckShieldAlert cites a Coindesk story indicating that a Huobi official denied that the address belongs to Justin Sun. Instead, the address is listed as one of the top 10 TRX token holders.

Other moves by a TRX whale address that minted 38.5 million TUSD and received 10 million TUSD from Huobi and 1 million TUSD from Binance within the last six days were reported by PeckShield Alert. The whale then moved a total of 49.5 million TUSD to JustLend.

Chinese crypto journalist Collin Wu also reported along these lines, adding that Huobi's USDT reserves had increased due to the $200 million USDT shift, from about $85 million to the present $285 million.

Wu Blockchain also speculated that users had withdrawn funds from Huobi due to the probe into the company's management.

On Aug. 4, rumors began to circulate that the exchange's executives had been arrested in China as part of an alleged investigation into the exchange's connections with gambling platforms. Furthermore, one high-ranking executive is said to have recently left Huobi.

Tron (TRX) Founder Justin Sun Stakes 150,100 ETH in Lido Finance: Details

According to Nansen, Huobi had negative net flows of $32.9 million (exclusive of Bitcoin) on Aug. 7, representing around 1% of total assets in Huobi's control. A negative outflow indicates that more funds are leaving the exchange than coming in.

Nansen noted that 50% of Huobi's holdings are in assets directly associated with the exchange: TRX (23%), Huobi token HT (16%) and STUSDT (13%).

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.