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 <p class="is-style-lead">Justin Sun, the founder of Tron and advisor at Huobi, moved hundreds of millions of dollars over the past ten days, while negative news around execs circulated.</p> 
 <p>The blockchain security firm PeckShield noted an Ethereum (ETH) wallet address, labeled as Sun, supplying around 67,000 wstETH, worth $140.8 million, to MakerDAO. ‘Sun’ borrowed 58 million DAI from the stablecoin generator.</p> 
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    <p lang="en" dir="ltr">#PeckShieldAlert #JustinSun labeled address on #Ethereum supplied 67K $wstETH (~$140.8M) and borrowed 58M $DAI from #MakerDAO, and then supplied these $DAI into #MakerDAO to generate yield https://t.co/u5yBedTTLN pic.twitter.com/tZ6rP7PPyM</p>— PeckShieldAlert (@PeckShieldAlert) August 10, 2023 
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 <p>Earlier today, PeckShield reported that Sun borrowed 77.8 million DAI from MakerDAO after supplying around $190 million worth of wstETH. Consequently, the Tron founder delivered his stablecoin holdings to MakerDAO to generate yield, per PeckShield.&nbsp;</p> 
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 <p>On Aug. 8, Sun allegedly withdrew 200 million USDT from JustLend and transferred it along with 5,000 ETH, worth $9.14 million to Huobi.</p> 
 <p>However, CoinDesk tweeted that an official from the exchange claimed the large movements did not belong to Sun.&nbsp;</p> 
 <h2 class="wp-block-heading" id="rumors-mounting-around-huobi">Rumors mounting around Huobi</h2> 
 <p>On Aug. 6, Adam Cochran, a Yearn Finance contributor and partner at CEHV, claimed Huobi had been allegedly lying about its asset holdings.</p> 
 <p>He said in a Twitter thread that the exchange currently holds roughly $92.98 million worth of USDT and USDC combined, while Huobi’s “Merkle Tree Audit” suggests over 631 million USDT.</p> 
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    <p lang="en" dir="ltr">1/16<br><br>So why is Tether selling off?<br><br>Likely Huobi <a rel="noopener noreferrer nofollow" title="insolvency" href="https://thebittimes.com/tag/insolvency.html">insolvency</a>.<br><br>-Binance started selling off USDT in bulk.<br>-We found out that Huobi execs (and Tron personnel questioned by police)<br>-This is not long after Sun's stUSDT launch<br>-And weird balance shifts at Huobi in the last month pic.twitter.com/f3HViYS93a</p>— Adam Cochran (adamscochran.eth) (@adamscochran) August 5, 2023 
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 <p>Moreover, the analyst added that Huobi executives and Tron personnel were questioned by police. In another tweet replying to a representative from Huobi, Cochran states a Tron executive has already verified the investigation reports.</p> 
 <p>Furthermore, Cochran’s tweet suggests Sun has also been sharing inaccurate data regarding his Staked Tether (stUSDT). Sun’s product claims to have over 351,000 stakers, but on-chain data shows that Huobi and its advisor control 98% of the token.</p> 
 <p>According to the thread, the exchange has also been sharing false data about its Ethereum holdings, with the analyst claiming that Sun is holding 50% of the total 141,000 stETH on Huobi.</p> 
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  <p>“Just like he did with Poloniex, Sun has been using Huobi as a personal piggy bank to earn from user deposits – and he can’t honor the balances there on ETH or USDT if users try and withdraw or sell in bulk.”</p> <cite>Adam Cochran talking about Justin Sun&nbsp;</cite> 
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Huobi to launch PayPal’s stablecoin trading 
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Justin Sun makes huge moves amid insolvency allegations

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