There have been some surprises in the Huobi brand lately. In the early hours of March 10, HT electricity went from $4.70 to almost $0.40 within minutes.
The exchange token reached $4.92 intraday on March 9. However, it lost almost 20% on the day, and is currently trading at around $3.95.
In addition, a large liquidity event sent Huobi’s stock to an all-time low, albeit short-term. Justin Sun has rejected Huobi Token
Huobi advisor and TRON co-founder Justin Sun was quick to dismiss the firestorm. In response to the backlash on crypto Twitter, he said that all exchanges and currencies are good. He explained that it was “a few workers” who were responsible for these high water runs leading to high water pressures in the HT and contract markets.
“Now, all the work is progressing well and there are no unexpected events, and these changes are only due to the nature of the market.”
Sun said that Huobi will take into account all the losses caused by the HT market change. Also, he added that an investment of $100 million will be invested to improve the depth of the currency and the exchange, according to Wu Blockchain.
In addition, blockchain sleuth “Lookonchain” has revealed some recent vertical movements by the founder of TRON. On March 9, Justin Sun withdrew $80 million in stablecoins from Huobi. These include $40 million in USDT, $20 million in USDC, and $20 million in USDD, TRON’s cryptocurrency. $60 million of them were placed on its own DeFi platform JustLend and Aave.
Crypto market loses $70 billion
Crypto markets fell during the Asian trading session on Friday morning. The big dump comes at the end of a week of FUD propaganda and the expansion of the legal system in the United States.
The market has lost $70 billion, or about 7%, in the past 12 hours. As a result, total income has fallen to a two-month low of $969 billion at the time of writing.
BTC lost 7.9% on the day, falling below $20,000, and is currently trading at $19,926. Meanwhile, ETH fell 7.5% to $1,420 at press time.
BeInCrypto has reached out to a company or individual involved in the story for an official statement on the recent development, but has yet to receive a response.