January 8, 2023
Tron CEO Justin Sun moves $100 million of his stablecoins to his crypto exchange Huobi after rumors spread that Huobi laid off 20% of its staff
- Data from Nansen revealed that the cash was withdrawn from Binance and then sent to Huobi, which Sun has a majority stake in. The money was in the form of USD Coin (USDC) and Tether (USDT).
- Sun and his team have claimed that people are spreading FUD (fear, uncertainty and doubt) around the exchange.
- Perhaps Sun wants to maintain a level of confidence in the exchange. Especially because there have been rumors that 20% of his staff have been laid off and were paid in stablecoins.
There has been a rippling effect of FUD due to FTX’s fallout last November and as a result many components that make up the crypto space (coins, tokens and companies) have been shaky ever since.
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