Huobi allegedly transfers 74M tokens to Justin Sun, HT up 7.7% Huobi allegedly transfers 74M tokens to Justin Sun, HT up 7.7%
Justin Sun was recently named as an advisor to Huobi as part of restructuring plans to transfer ownership to About Capital, Huobi's new owner.
2 min read
Updated: Oct. 14, 2022 at 10:55 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Tron founder Justin Sun has reportedly received 74 million HT tokens from Huobi’s official wallets.
On Oct. 14, Sun told Bloomberg News that he owns “tens of millions of Huobi tokens. He confirmed to be one of the biggest holders of the HT tokens.
In his capacity as a Huobi advisor, Justin Sun said he will work to boost the utility of the exchange.
Huobi transfers 74 million tokens
Shortly after the Bloomberg report, WuBlockchain revealed that Huobi’s official wallets transferred 74 million to wallets linked to the Tron founder.
74 million HT of Huobi’s two official wallets have been transferred to two new addresses on October 13, and the first transactions were from Justin Sun’s poloniex. The HT officially held by Huobi may be part of the acquisition of Huobi Exchange and has been handed over to Sun. https://t.co/O3SexjA8io
— Wu Blockchain (@WuBlockchain) October 14, 2022
On Oct. 13, Justin Sun’s Poloniex exchange interacted with two of Huobi’s wallets that transferred 32 million and 42 million HT tokens to two new addresses.
WuBlockchain alleged that the transferred tokens may be linked to Huobi’s acquisition deal, which Justin Sun allegedly facilitated.
Justin Sun and the Huobi deal
Justin Sun was recently named as an advisor to Huobi as part of restructuring plans to transfer ownership to About Capital, Huobi’s new owner.
News emerged on Oct. 10 that Justin Sun was the brain behind the acquisition deal. According to WuBlockchain, About Capital was “more of a bridge” for the Tron founder to complete the acquisition.
Justin Sun has since debunked the rumors stating that his only role in the company is as an Advisor.
Justin Sun has been leading several meetings with Huobi employees to strategize on the company’s next phase.
Since Justin Sun joined the crypto exchange, Huobi’s HT token has surged 86% in the last seven days. According to CryptoSlate Data, HT is currently trading at $7.7 — up 7.7% in the last 24 hours.
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Christian Nwobodo
Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. Christian is interested in DeFi protocol research, token economics, and on-chain analytics.
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HTX Token(formerly HT or Huobi Token) is a decentralized digital asset based on Ethereum, with a limited total supply of 500 M, issued by Huobi Group.
HTX
Huobi, a virtual asset exchange, launched a revised branding strategy on September 13, 2023, where “Huobi” will be rebranded as “HTX.” “H” stands for Huobi, “T” represents TRON with a commitment to being all in TRON, and “X” stands for the exchange.
Justin Sun has carved a name for himself as a leading figure in the blockchain sector.
