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 […]
. 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.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.
Last week, on 4 January, crypto journalist Colin Wu reported that staff salaries were being paid in stablecoins, which led to protests from employees. Justin Sun's HR is communicating with all Huobi employees to change the salary form from fiat currency to USDT/USDC; employees who cannot accept it may be dismissed. The move sparked protests from some employees. Exclusive
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