Embattled cryptocurrency entrepreneur Justin Sun is currently in the news as a wallet address labeled “Justin Sun” was recently reported to have transferred $200 million to the crypto exchange Huobi.
As a result of the transfer, Huobi’s USDT reserves surged from $85 million to $285 million. The transaction comes amidst an ongoing investigation by authorities into the financial operations of JustLend.
Reason Behind The Transfer
The wallet address (TT2T17KZhoDu47i2E4FWxfG79zdkEWku9N), which was formerly linked with popular decentralized finance (DeFi) firm JustLend, was reported as being behind the withdrawal of 200 million USTD (Tether), which was later deposited into Huobi.
News of the transaction caused a stir within the cryptocurrency community and the transfer has raised speculations about the motives behind Sun’s recent movement of assets from JustLend to Huobi, especially as the exchange’s USDT reserves have…
