TRON founder Justin Sun is on the agenda with a million dollars sent to Binance over 4 altcoins. Analysis says this move could be linked to upcoming token unlock dates.
TRON founder transfers millions of altcoins to Binance
Days after Justin Sun publicly announced his leadership role in Huobi, he has transferred a significant amount of certain tokens. Blockchain security firm Peckshield has published details of the transactions in question in two separate alerts. One alert points to Sun as the owner of the respective wallets, while the second comes from a “Huobi Token (HT) whale” suspected to be Sun.
An address tagged Justinsun transferred 812.7k CRV ($891k), 19.6k GAL ($38.9k) and 892.7k DYDX ($1.6 million) to Binance, Peckshield alerted. For analysis purposes, such transactions do not go unnoticed and attract the attention of the crypto community, who are always trying to make sense of it.
The crypto community is already starting to speculate about why Sun initiated such transactions. Some people responding to Peckshield’s tweet suggested that Sun is targeting upcoming token unlock dates. From the tone of their answers, they’re probably implying that Sun plans to make money by selling the tokens. cryptocoin.com We have included the altcoin projects that will unlock this year in this article.
Huobi Token (HT) transactions
Peckshield’s second alert included details showing that an HT whale transferred 35.72k HT ($181k) to Huobi. The tweet left a tip suggesting Sun was a whale, but this has not been confirmed.
What do Justin Sun’s transactions mean?
The above transactions have caused concerns among the crypto community. The first was confirmation of Sun’s public role in Huobi, followed by transactions that tended to support the exchange’s native cryptocurrency HT. As the assumptions continue to rise, there is a conspiracy theory that Sun’s latest transactions are aimed at supporting his startup, Huobi. The source for this is based on the FUD news that Huobi has recently gathered with layoffs…
Recently, rumors that Huobi will be fired have been circulating on social media platforms. Although the accounts are not combined and there is no official confirmation, it still raises concerns about the safety of users’ funds. In fact, some users have started to withdraw their funds from Huobi in the past weeks. Similar to what happened to FTX in November 2022, the pressures on centralized exchanges still continue and come violently. As one of the three major exchanges in the past, everyone’s attention is turned to Huobi’s ability to mitigate the liquidity crisis and demonstrate its security and risk control capabilities.
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