- TRON founder Justin Sun transferred stablecoins worth $100 million to crypto exchange Huobi following news that it was laying off employees.
- Huobi would lay off 20% of its staff, as per a report.
TRON [TRX] founder Justin Sun transferred stablecoins worth $100 million on 6 January. The transfer was made from Binance to his crypto exchange Huobi, in which Sun owns a majority stake. According to Nansen’s blockchain data, the transfer occurred after the news broke of Huobi laying off 20% of its employees.
1/ Џастин Сан повлече 100 милиони долари во штали од Binance и ги депонираше во Huobi
50 милиони во USDC и USDT
Можеби ќе помогне со зголемените повлекувања или да се одржи нивото на доверба во размената
извор: @nansen_ai pic.twitter.com/PnbJxYJ0M3
— Мартин Ли | Нансен 🧭 (@themlpx) Јануари 6, 2023
The funds were distributed in the form of Монета од американски долари [USDC] Тетер [USDT]. Sun later confirmed to Bloomberg that he moved his personal funds because it demonstrated his trust in the Huobi exchange.
Nansen’s Martin Lee tweeted that the transfer could be to help with increased withdrawals or to maintain trust in the exchange. Clients have been withdrawing large sums of money. According to Nansen, $60.9 million of the $94.2 million in net outflows in the previous week occurred in the last 24 hours.
Huobi to lay off 20% of its staff
Reuters recently reported that Singapore’s fourth largest digital asset exchange, Huobi, with a 24-hour trading volume of $371 million, has been in trouble recently. It would reportedly lay off 20% of its staff, though Sun denied the rumors.
Last week, on 4 January, crypto journalist Colin Wu reported that staff salaries were being paid in stablecoins, which led to protests from employees.
HR на Џастин Сан комуницира со сите вработени во Huobi за да го смени формуларот за плата од фиат валута во USDT/USDC; вработените кои не можат да го прифатат може да бидат отпуштени. Овој потег предизвика протести кај некои вработени. Ексклузивно https://t.co/QB4sjDyHc7
- Ву Блокчаин (@WuBlockchain) Јануари 4, 2023
On 6 January, Sun Твитер:
“First, it’s important to recognize that the world of crypto can be volatile and uncertain at times. There will always be ups and downs, and it’s easy to get caught up in the fear, uncertainty, and doubt (FUD) that can come with it.”
Huobi’s FUD comes at a time when trust in digital asset exchanges is low: last month, Binance, the world’s largest exchange, издадена a statement assuring clients that its finances were in order.
It was in November last year that FTX blew up in a spectacular collapse. According to its new CEO John J Ray III, the company lost billions of dollars in clients’ funds after it was allegedly mismanaged by a tiny group of grossly inexperienced individuals.
Source: https://ambcrypto.com/tron-founder-justin-sun-moves-100-million-as-huobi-lays-off-staff/