Justin Sun: Huobi believes SEC impact is over
The Huobi advisor commented on the fallout of charges against his other projects.
Justin Sun said in a series of tweets on March 24 that Huobi believes the effects of recent charges against his other projects have come to an end.
On March 22, the U.S. Securities and Exchange Commission (SEC) filed charges against Justin Sun and three companies to which he is linked.
Specifically, the SEC filed charges against TRON Foundation; Sun served as founder and CEO of TRON until 2021. The regulator also sued two BitTorrent-related firms; Sun briefly served as CEO at those firms after TRON acquired the project in 2018.
Though Sun is still associated with and owns those companies, he is no longer CEO. He is now an advisor for the cryptocurrency exchange Huobi Global — a relationship that has caused concerns about TRON and BitTorrent to spill over to the exchange.
Huobi minimally affected
Sun, on his Chinese-language Twitter account, wrote that Huobi “feels that [the issue] has come to an end.”
In a thread, Sun said that Huobi only saw a net withdrawal of $30 million in one day following the SEC charges. By contrast, Sun said, Huobi has recently experienced net deposits of $20 million per day. He noted that the SEC’s charges represented five years of “output” from the regulator and that one and a half days of cost to Huobi are “worthless.”
In regards to crypto activity, Sun said that the exchange saw a “wave of crazy output and a wave of coin withdrawals” against a net deposit of $7 million.
Sun plans to reinforce Huobi with a “to-do list” that includes depositing tens of millions of dollars to the exchange, launching new tokens, and introducing improvements.
Huobi Token (HT) is down 10% over the past week and the exchange saw a moderate trading volume of $840 million today.