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Huobi allegedly transfers 74M tokens to Justin Sun, HT up 7.7%

14 Oct, 20222 min readOther
Huobi allegedly transfers 74M tokens to Justin Sun, HT up 7.7%

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. — 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.

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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