{"id":616229,"date":"2023-03-09T22:47:00","date_gmt":"2023-03-10T04:47:00","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/03\/09\/justin-sun-completes-100-million-usdc-transfer-to-create-huobi-liquidity-fund\/"},"modified":"2023-03-09T22:47:00","modified_gmt":"2023-03-10T04:47:00","slug":"justin-sun-completes-100-million-usdc-transfer-to-create-huobi-liquidity-fund","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/03\/09\/justin-sun-completes-100-million-usdc-transfer-to-create-huobi-liquidity-fund\/","title":{"rendered":"Justin Sun Completes $100 Million USDC Transfer to Create Huobi Liquidity Fund"},"content":{"rendered":"
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Huobi now has a $100 million liquidity fund to protect against precipitous drops of the HT token, in response to what happened late Thursday U.S. time. <\/a><\/p>\n<\/div>\n

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Sun confirmed a transfer of $100 million in USDC to Huobi just after 04:25 UTC, or 11:27 AM Hong Kong time.<\/p>\n<\/div>\n

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The rapid drop and then rebound was caused by “leveraged liquidation on the market caused by a few users,” according to a tweet by Sun. This comes amid a broader crypto market correction as $307 million in positions<\/a> across the market were liquidated as traders digest the impact<\/a> of Silvergate’s exit from banking crypto companies.<\/p>\n<\/div>\n

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\u201cWe will continue to improve the liquidity depth of main cryptocurrencies and HT token, strengthen leverage risk warnings and liquidity capabilities,\u201d Sun tweeted.<\/p>\n<\/div>\n

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Sun has previously disclosed<\/a> that he’s a major holder of HT.<\/p>\n<\/div>\n

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HT dropped<\/a> from a 24-hour-high of $4.81 to a low of $0.31 at 21:00 UTC on Huobi\u2019s exchange, according to data from TradingView.<\/p>\n<\/div>\n

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In October, HT rallied nearly 75%<\/a> as Sun said “revitalizing Huobi is to empower HT” and promised “there will be many big moves around HT, including brand upgrade, heavy empowerment, and business cooperation.”<\/p>\n<\/div>\n

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HT is currently trading at $3.90, according to CoinGecko<\/a>.<\/p>\n<\/div>\n

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Earlier, a tweet from Nansen.ai<\/a> had flagged that Sun was moving $60 million<\/a> in USDT, though the ultimate destination of that was Aave, and this was unrelated<\/a> to the Huobi liquidity fund.<\/p>\n<\/div>\n

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UPDATE (March 10, 04:47 UTC): <\/b><\/i>Updates throughout that Sun has completed the transfer of $100 million in USDC to create a Huobi liquidity fund.<\/i><\/p>\n<\/div>\n<\/div>\n

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Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28. Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28. Huobi now has a $100 million liquidity fund to protect against precipitous drops of the HT token, in response to what happened late […]<\/p>\n","protected":false},"author":1,"featured_media":616230,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[639,534,525],"tags":[],"class_list":{"0":"post-616229","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-completes","8":"category-financial","9":"category-justin"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/616229","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=616229"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/616229\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/616230"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=616229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=616229"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=616229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}