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Whale gives Huobi a total of $200 Million USDT and $9 Million Ether
Huobi, a prominent cryptocurrency exchange, has recently reported a substantial influx of funds. A notable transaction involving a significant amount of $200 million worth of USDT (Tether) and $9 million worth of Ether has been recorded. These funds have been received from a high-volume investor, commonly referred to as a "whale" in the cryptocurrency market. This development highlights the continued interest
According to on-chain data, a significant entity, commonly referred to as a "whale," executed two substantial deposits into the Huobi cryptocurrency exchange. These deposits resulted in a notable increase in the exchange's reserves of USDT (Tether) and Ether.
On Tuesday morning in Asia, a significant entity initiated the initial transfer of $200 million worth of USDT, followed by a further transaction involving 5,000 ether (ETH) valued at $9.15 million.
The spokesman from Huobi refuted the claim that the given address is associated with Justin Sun. The address has been identified as being among the ten largest holders of TRX tokens.
According to data from DeFi Llama, the deposits have increased Huobi's stock of USDT to a total of $273 million.
Huobi possesses a total balance of $400 million in stUSDT, an initiative endorsed by Sun and recognized as the "inaugural tangible asset protocol on the Tron Network," albeit lacking extensive adoption at present.
The aforementioned transactions are a result of the ongoing drain from Huobi. According to data provided by Nansen.ai, it has been observed that throughout the past week, a total of $92.2 million worth of tokens based on the Ethereum blockchain have been withdrawn from the exchange. Furthermore, during this identical time frame, a cumulative amount of $101 million across all blockchains has been transferred.
One contributing factor to the surge in trading activity on the exchange can be attributed to unverified speculations regarding the detention of Huobi officials in China, a claim that has been refuted by a representative.
The HT token of Huobi has experienced a decline of 2%, now being traded at a value of $2.62.
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