A total of $100 million worth of stablecoins as USDC and USDT were moved from the wallet of Tron founder Justin Sun to the cryptocurrency exchange Huobi.
It was noteworthy that this move came at a time when Huobi was under close scrutiny. Although Sun claims to be just an advisor, rumor has it he bought the stock market through a brokerage firm. There have been significant changes in the company since then, including layoffs and a requirement that employees be paid in stablecoins rather than fiat currency. In addition, the stock market announced that it will go to layoffs by 20%.
These changes and rumors that internal communication may have been shut down caused the Huobi Token (HT) price to drop. On the other hand, Huobi Global Sales Manager James Hume, in a post on LinkedIn, argued that “most if not all of the rumors are either completely false or inaccurate”. Hume shared, “Our internal communication platform has not crashed. With a few layoffs, he continues his business as usual.” he wrote.
Following the transactions to Huobi, some exchange users noticed that a one million dollar buy wall had been created for the token. This means that the relevant trader is willing to buy one million dollars worth of Huobi tokens at a price of around $4.65, while reducing the likelihood of the token falling below this value.