Justin Sun’s $700 Million Cryptocurrency Transfer: What Does It Mean? He did an explanation!

Cryptocurrency in the market Bitcoin (BTC) While the upward trend led by Tron (TRX) founder Justin Sun kept the agenda busy.

Tron (TRX) Founder Justin Sun Transferred Large Amounts of Cryptocurrencies Today

Performing a total of approximately 720 million dollars of transactions, Sun’s 180 million dollars of these transactions were realized as USDC tokens from Binance to Sun’s wallet.

However, a significant portion of the transfers were from Justin Sun’s wallet to USDC issuer Circle. This led to speculation that Sun was cashing out some of his cryptocurrencies.

It is possible that you may come across large transactions on the blockchain, but please be assured that these are simply chain swaps and the funds remain safe. The chain swap process serves only as a means to transfer assets between different blockchain networks. #TRON

— HE Justin Sun🌞🇬🇩🇩🇲🔥₮ (@justinsuntron) January 22, 2023

In his latest statement on Twitter, Sun said the following on the subject:

“It is possible that you may have come across large transactions on the blockchain, but rest assured that these are just on-chain swaps and the funds are safe. The chain swap only acts as a tool for transferring assets between different blockchain networks.

Huobi exchange is committed to maintaining transparency in its reserve holding practices. Unlike some other exchanges, Huobi does not engage in lending or borrowing transactions with third parties.

Instead, the exchange keeps client assets in a 1:1 ratio, ensuring that the funds on the platform are always fully backed by the corresponding reserves.

This simple approach to reserve holding instills confidence in Huobi customers and demonstrates the exchange’s commitment to maintaining the highest level of transparency.”

Sun is the de facto CEO of cryptocurrency exchange Huobi.

*Not investment advice.