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TRON founder Justin Sun moves $100 million as Huobi reportedly lays off staff

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TRON founder Justin Sun moves $100 million as Huobi lays off staff

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  • 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.

The funds were distributed in the form of USD Coin [USDC] and Tether [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.

On 6 January, Sun tweeted:

“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, issued 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.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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