Huobi notes sharp rise in USDT reserves by $200m
Huobi notes sharp rise in USDT reserves by $200m
The cryptocurrency reserves in USDT on the Huobi exchange have risen sharply after information about the possible financial instability of the platform surfaced.
According to the latest data, the exchange's reserves in USDT have increased from $85 million to $285 million.
According to Coincu, the increase in reserves is due to a transaction from a wallet (TT2T17KZhoDu47i2E4FWxfG79zdkEWkU9N) linked to Tron founder Justin Sun.
According to transaction details, an amount of $200 million (Tether) from the wallet, which is linked to decentralized finance (DeFi) platform JustLend, was placed on cryptocurrency exchange Huobi.
The move has raised many questions about the motives behind San's transfer of funds from JustLend to Huobi, especially in light of recent events surrounding the popular cryptocurrency exchange.
It is worth noting that rumors of an ongoing investigation into Huobi's management have contributed to the outflow of funds from the platform.
The Huobi cryptocurrency exchange began operations in 2013 and offers its clients access to a wide range of assets, including around 300 currency pairs and cross rates.
Recently, analyst Adam Cochran pointed to Huobi's financial instability.
