Close Menu
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Market Cap
  • Blockchain
  • Web 3
    • NFT
    • Metaverse
  • Regulation
  • Analysis
  • Learn
  • Blog
  • Contact
    • Tech7685@gmail.com
What's Hot

Alchemie acquires Solana developer Dexterlab for unknown sum

2025-05-19

Ethereum: Why this analysis company expects ETH $ 6K to hit in 2025

2025-05-19

Ethereum – price cannot break through – what does it stop?

2025-05-19
Facebook X (Twitter) Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • Free.cc (Free Crypto)
Facebook X (Twitter) Instagram
Bitcoin Platform – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Market Cap
  • Blockchain

    Alchemie acquires Solana developer Dexterlab for unknown sum

    2025-05-19

    Interlink and Blazpay Partner to improve the user experience in Web3 with AI

    2025-05-19

    Filmmaker David Goyer bets on blockchain for the next sci-fi franchise

    2025-05-19

    Jesse Pollak explains how Pectra Upgrade will overload the basic network

    2025-05-19

    Ice Open Network welcomes Soonchain AI in its online+ ecosystem to stimulate web3 ai-game development

    2025-05-18
  • Web 3
    • NFT
    • Metaverse
  • Regulation

    Trump administration to beat bank rules designed to prevent collapse in 2008 style: report

    2025-05-19

    Mastermind Behind Sec Sim -exchange schedule sentenced to 14 months in prison for manipulating Bitcoin price

    2025-05-18

    Capital One pays $ 425,000,000 to customers after they have reportedly cheated customers from a higher return on bank balance

    2025-05-18

    Myth or reality? Mica and its real impact on the market that dissolve common misconceptions

    2025-05-18

    Judge denies joint bid from Ripple and the SEC to end their long -term legal battle to end XRP

    2025-05-17
  • Analysis

    Ethereum – price cannot break through – what does it stop?

    2025-05-19

    Dogecoin (Doge) is struggling to support profit while Meme Coin cools Mania

    2025-05-19

    Crypto analyst says that Bitcoin correction comes before the outbreak to the new all-time here is his prediction

    2025-05-19

    XRP – Price is struggling to keep the ground – breakdown or breathing break?

    2025-05-19

    The American stock market now looks more favorable than pre-trade war, according to Tom Lee from Fundstrat-Dit why is why

    2025-05-18
  • Learn

    Types of Blockchain Layers Explained: Layer 0, Layer 1, Layer 2 and Layer 3

    2025-05-16

    Token vs. Coin: Key Differences You Must Know as a Beginner

    2025-05-15

    Inside Changelly: 10 years of steadfast support and compliance

    2025-05-15

    What Is Proof-of-Work (PoW)?

    2025-05-12

    What Is Proof-of-Authority (PoA)?

    2025-05-09
  • Blog
  • Contact
    • Tech7685@gmail.com
Bitcoin Platform – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
Home»Altcoins»USDTUnraveling the link between Justin Sun, Huobi & USDT
Altcoins

USDTUnraveling the link between Justin Sun, Huobi & USDT

2023-08-06No Comments4 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email


  • Allegations are surfacing that Huobi may be insolvent due to Justin Sun’s behavior.
  • USDT gets caught in the crossfire, Huobi representative denies claims.

Despite the massive volatility in the DeFi sector over the past few weeks, the stablecoin sector has remained relatively resilient. USDT, the largest tether issued stablecoin, was one of the top performers in the industry. As a result, the USDT dominance of the total stablecoin market cap reached its highest point in more than 2 years.


Realistic or not, here is TRX’s market cap in terms of BTC


Something fishy

However, there has been a USDT sell-off in recent days, which could affect the stablecoin. According to Adam Cochran, managing partner at Cinnamhain Ventures and a contributor to Yearn Finance, Justin Sun may have something to do with the sell-off.

Source: DeFi Lama

In his tweet, Adam suggested that the trail of the USDT sell-off starts with Binance. He stated that based on past behavior with the exchange’s previous sale of the FTT token, it is safe to assume that Binance will get wind of risky assets ahead of time.

1/16

So why is Tether selling?

Probably Huobi insolvency.

-Binance started selling USDT en masse.
-We found out that Huobi execs (and Tron personnel questioned by police)
-This is not long after Sun’s stUSDT launch
-And weird balance shifts at Huobi in the last month pic.twitter.com/f3HViYS93a

— Adam Cochran (adamscochran.eth) (@adamscochran) August 5, 2023

Over the past few days, Binance was observed bulk unloading large amounts of USDT. This was weeks after the drop in USDT on Huobi.

Source: DeFi Lama

stUSDT plays a major role

He then went on to explain how he believed Tron and Justin Sun played a part in this. He started by talking about stUSDT, a staked USDT product launched by Tron.

See also  Hong Kong rehabilates Crypto Trust Rules in the midst of Justin Sun's first digital trust

Adam’s research into Tron’s stUSDT revealed a stark contrast between claimed strikers and the actual distribution of the token. Tron’s website claimed it had 351,380 strikers, but their blockchain data revealed that nearly 98% of stUSDT was directly owned by Sun or Huobi. When wagering USDT on stUSDT, the funds were pooled in a Huobi deposit address.

In addition, Huobi’s Merkle Tree Audit purportedly lists $630 million USDT held by users, though this data stopped being updated last month, leading to a discrepancy, with only $90 million substantiated. Justin Sun appears to be channeling remaining assets into his defi projects while enticing users to deposit more into Huobi through yield incentives.

Based on Adam’s speculations, users believe that they have a balance of $631 million on Huobi, but the amount is actually $90 million. Adam further stated that many Huobi and Tron employees are currently under investigation.


Read Tron’s price forecast for 2023-2024


However, a spokesperson for Huobi refuted that claim, stating that none of their employees are being investigated by the police, and that the thread Adam made only created more FUD and is just a false rumor.

He replied to this comment by stating that the information was confirmed by senior executives working at Tron.

This was already directly confirmed to me by a senior executive of the Tron team.

They confirmed that team members are under investigation for actions related to Huobi.

— Adam Cochran (adamscochran.eth) (@adamscochran) August 6, 2023

It remains to be seen how this turns out. The course of these events may affect not only Tron users, but also USDT and Huobi users.

See also  Cartier Heir Indicted by DOJ for Allegedly Laundering 'Hundreds of Millions' in Part Through USDT Wire Transfers

State of the coins

At the time of writing, TRX was trading at $0.077, while the Huobi Token (HT) was trading at $2.66. The price of these tokens has dropped significantly in recent weeks. However, no major price change has been seen for any of these tokens in the past 24 hours as their prices have remained stable.

USDT’s market cap also remained consistent and no major change was observed for the stablecoin in this sector either.

Source: Sentiment

Trader behavior indicated that many of the traders were leaning towards the bearish side. According to Coinglass data, the number of short positions taken against TRX had increased in recent days.

Source: mint glass



Source link

Huobi Justin LINK Sun USDT USDTUnraveling
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Ethereum: Why this analysis company expects ETH $ 6K to hit in 2025

2025-05-19

Dogecoin ready to cry? Falling wig ousting hints during a rally

2025-05-19

XRP Price forecast – ‘Mixed signals’ Mean Altcoin will move like this!

2025-05-19

The chance will increase to 83%, sec decision in June?

2025-05-19
Add A Comment
Leave A Reply Cancel Reply

Top Posts

Introducing BBP Prime, customizable templates, enhanced reporting and iOS integration

2024-06-26

Glassnode Co-Founder Warns: Bitcoin Surge Could Cause a $1 Billion Liquidation Event

2024-01-29

IoTeX launches W3bstream Devnet for accelerated DePIN development

2023-07-29
Editors Picks

Bitcoin’s Tough Day: Over 44,000 BTC Withdrawn Due to Controversy – What’s Next?

2024-08-29

One Catalyst Could Trigger Bitcoin To Explode by Over 350% Within the Next Nine Months, Says Fundstrat’s Tom Lee

2023-07-27

SEC delays Fidelity’s Ethereum spot ETF, but decisions still expected in May

2024-01-18

Solana Foundation Launches NFT Pitch Competition for Aspiring Creators

2023-05-06

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, Defi, NFT, Metaverse and more.

We're social. Connect with us:

Facebook X (Twitter) Instagram Pinterest YouTube
Top Insights

Alchemie acquires Solana developer Dexterlab for unknown sum

Ethereum: Why this analysis company expects ETH $ 6K to hit in 2025

Ethereum – price cannot break through – what does it stop?

Get Informed

Subscribe to Updates

Get the latest news and Update from Bitcoin Platform about Crypto, Metaverse, NFT and more.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • Free.cc (Free Crypto)
© 2025 Bitcoinplatform.com - All rights reserved.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$104,512.51-0.50%
  • ethereumEthereum(ETH)$2,454.58-3.85%
  • tetherTether USDt(USDT)$1.000.01%
  • rippleXRP(XRP)$2.35-2.76%
  • binancecoinBNB(BNB)$644.88-0.95%
  • solanaSolana(SOL)$164.15-5.63%
  • usd-coinUSDC(USDC)$1.000.01%
  • dogecoinDogecoin(DOGE)$0.221610-3.53%
  • cardanoCardano(ADA)$0.74-4.29%
  • tronTRON(TRX)$0.265324-2.93%
  • suiSui(SUI)$3.77-4.87%
  • chainlinkChainlink(LINK)$15.45-4.02%
  • avalanche-2Avalanche(AVAX)$22.01-6.54%
  • stellarStellar(XLM)$0.283693-3.76%
  • hyperliquidHyperliquid(HYPE)$26.05-4.09%
  • shiba-inuShiba Inu(SHIB)$0.000014-4.71%
  • hedera-hashgraphHedera(HBAR)$0.191164-3.24%
  • unus-sed-leoUNUS SED LEO(LEO)$8.59-1.28%
  • bitcoin-cashBitcoin Cash(BCH)$387.42-3.89%
  • litecoinLitecoin(LTC)$97.26-2.42%
  • the-open-networkToncoin(TON)$2.95-6.10%
  • polkadotPolkadot(DOT)$4.57-5.73%
  • moneroMonero(XMR)$344.150.49%
  • bitget-tokenBitget Token(BGB)$5.15-1.57%
  • pepePepe(PEPE)$0.000013-4.69%
  • daiDai(DAI)$1.000.02%
  • piPi(PI)$0.72-2.43%
  • ethena-usdeEthena USDe(USDE)$1.000.01%
  • uniswapUniswap(UNI)$5.85-5.86%
  • bittensorBittensor(TAO)$407.05-6.05%
  • aaveAave(AAVE)$226.98-3.38%
  • nearNEAR Protocol(NEAR)$2.74-5.18%
  • aptosAptos(APT)$5.10-3.41%
  • okbOKB(OKB)$52.02-2.75%
  • ondo-financeOndo(ONDO)$0.92-4.07%
  • kaspaKaspa(KAS)$0.107284-6.47%
  • internet-computerInternet Computer(ICP)$5.16-3.71%
  • ethereum-classicEthereum Classic(ETC)$18.08-3.97%
  • gatechain-tokenGateToken(GT)$21.38-1.63%
  • official-trumpOFFICIAL TRUMP(TRUMP)$12.76-3.98%
  • crypto-com-chainCronos(CRO)$0.094673-5.80%
  • mantleMantle(MNT)$0.73-2.01%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.232325-4.22%
  • vechainVeChain(VET)$0.027739-4.52%
  • render-tokenRender(RENDER)$4.52-5.24%
  • usd1World Liberty Financial USD(USD1)$1.00-0.02%
  • ethenaEthena(ENA)$0.360569-9.16%
  • filecoinFilecoin(FIL)$2.83-3.79%
  • algorandAlgorand(ALGO)$0.219198-4.05%
  • arbitrumArbitrum(ARB)$0.381564-4.81%
  • bitcoinBitcoin(BTC)$104,512.51-0.50%
  • ethereumEthereum(ETH)$2,454.58-3.85%
  • tetherTether USDt(USDT)$1.000.01%
  • rippleXRP(XRP)$2.35-2.76%
  • binancecoinBNB(BNB)$644.88-0.95%
  • solanaSolana(SOL)$164.15-5.63%
  • usd-coinUSDC(USDC)$1.000.01%
  • dogecoinDogecoin(DOGE)$0.221610-3.53%
  • cardanoCardano(ADA)$0.74-4.29%
  • tronTRON(TRX)$0.265324-2.93%
  • suiSui(SUI)$3.77-4.87%
  • chainlinkChainlink(LINK)$15.45-4.02%
  • avalanche-2Avalanche(AVAX)$22.01-6.54%
  • stellarStellar(XLM)$0.283693-3.76%
  • hyperliquidHyperliquid(HYPE)$26.05-4.09%
  • shiba-inuShiba Inu(SHIB)$0.000014-4.71%
  • hedera-hashgraphHedera(HBAR)$0.191164-3.24%
  • unus-sed-leoUNUS SED LEO(LEO)$8.59-1.28%
  • bitcoin-cashBitcoin Cash(BCH)$387.42-3.89%
  • litecoinLitecoin(LTC)$97.26-2.42%
  • the-open-networkToncoin(TON)$2.95-6.10%
  • polkadotPolkadot(DOT)$4.57-5.73%
  • moneroMonero(XMR)$344.150.49%
  • bitget-tokenBitget Token(BGB)$5.15-1.57%
  • pepePepe(PEPE)$0.000013-4.69%
  • daiDai(DAI)$1.000.02%
  • piPi(PI)$0.72-2.43%
  • ethena-usdeEthena USDe(USDE)$1.000.01%
  • uniswapUniswap(UNI)$5.85-5.86%
  • bittensorBittensor(TAO)$407.05-6.05%
  • aaveAave(AAVE)$226.98-3.38%
  • nearNEAR Protocol(NEAR)$2.74-5.18%
  • aptosAptos(APT)$5.10-3.41%
  • okbOKB(OKB)$52.02-2.75%
  • ondo-financeOndo(ONDO)$0.92-4.07%
  • kaspaKaspa(KAS)$0.107284-6.47%
  • internet-computerInternet Computer(ICP)$5.16-3.71%
  • ethereum-classicEthereum Classic(ETC)$18.08-3.97%
  • gatechain-tokenGateToken(GT)$21.38-1.63%
  • official-trumpOFFICIAL TRUMP(TRUMP)$12.76-3.98%
  • crypto-com-chainCronos(CRO)$0.094673-5.80%
  • mantleMantle(MNT)$0.73-2.01%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.232325-4.22%
  • vechainVeChain(VET)$0.027739-4.52%
  • render-tokenRender(RENDER)$4.52-5.24%
  • usd1World Liberty Financial USD(USD1)$1.00-0.02%
  • ethenaEthena(ENA)$0.360569-9.16%
  • filecoinFilecoin(FIL)$2.83-3.79%
  • algorandAlgorand(ALGO)$0.219198-4.05%
  • arbitrumArbitrum(ARB)$0.381564-4.81%