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Huobi receives $200M USDT and $9M Ether amid suspicious account activity

In this post:

  • Adam Cochran revealed a substantial increase in the off-ramping of USDT, with a sudden withdrawal of $36 million in USDT occurring within the last 48 hours.
  • While the transactions raised questions amid rumors of Huobi executives being detained in China, Huobi’s spokesperson has refuted the claim.

On-chain data shows that Huobi recently received two substantial transactions from a whale, increasing the exchange’s reserves of both USDT and Ether. The initial transfer, amounting to $200 million worth of USDT, occurred on August 6. Subsequently, the same entity conducted a second transaction involving 5,000 units of Ether (ETH), valued at $9.15 million.

Adam Cochran, a crypto analyst, noted that the wallet possesses over $100 million worth of TRX, a significant amount of stUSDT, engages with the JustLend platform, directly receives funds from both Poloniex and Huobi wallets, directly participates in TUSD minting processes, and is identified with the label “Sun OTC.” Cochran claimed that the wallet belonged to Justin Sun, Tron’s founder, but the platform’s spokesperson later refuted the claim.

Huobi’s latest transactions raise eyebrows 

In an earlier post on X, Cochran highlighted transactions by Sun’s address on Tron, including burning $62 million worth of TUSD, removing $50 million from Huobi, and depositing $50 million on Bitfinex. 

The latest deposits made by the whale have increased Huobi’s USDT holdings to $273 million, according to data from DeFi Llama. Huobi’s holdings include a substantial amount of $400 million in stUSDT, associated with a project backed by Sun and characterized as the “inaugural real-world asset protocol on the Tron Network,” even though its adoption is not yet widespread.

Data from Nansen.ai indicates that over the past week, approximately $92.2 million worth of tokens built on the Ethereum platform have been withdrawn from the exchange. Moreover, $101 million across various blockchain networks has been transferred during this corresponding timeframe.

While the transactions raised questions amid rumors of Huobi executives being detained in China, Huobi’s spokesperson has refuted the claim. In addition, the spokesperson denied any involvement of Sun in making huge transactions. At the time, we are reaching out to Huobi to give their side of this matter.

Meanwhile, the platform has been under scrutiny, whereby in March, the Securities and Exchange Commission (SEC) filed charges against Justin Sun and three of his companies. The accusations revolved around the unlawful offering and sale of crypto asset securities, specifically Tronix (TRX) and BitTorrent (BTT). In addition, the SEC claimed that Sun and his companies had manipulated the TRX secondary market by wash trading.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

 

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