Worldcoin

USDC

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Recent findings by Kaiko Research have brought to light unusual activities involving the Huobi Token, previously known as HTX. Significantly, a massive conversion of Tether (USDT) into USD Coin (USDC) has been observed over the last three months. Moreover, following these conversions, large transfers of USDC were sent directly to Binance, hinting at a close tie between these two major exchanges.
Besides these transactions, HTX’s product, JustLend, presents another layer to this intrigue. For every USDT deposited into this system, users are granted one staked USDT (stUSDT). This staked amount supposedly yields interest, with the USDT invested in safe treasury instruments. However, the amount stored in stUSDT deposits, a whopping $400 million, coincidentally matches the amount secretly channeled to Binance.
Although no evidence of illegal activities has surfaced, HTX’s trading patterns are under scrutiny. Notably, when Worldcoin introduced its WLD token earlier this year, Kaiko noted unusual clusters of buy and sell orders. In a startling revelation, the trading volume of altcoins valued below $1 billion skyrocketed from $1.4 billion to $3.4 billion within July.
HTX stood out in this scenario, bagging a hefty slice of global exchange volumes. Additionally, during this period of intense trading on HTX, exchange volumes were generally muted, adding to the puzzlement. Moreover, Poloniex experienced a similar spike in activity.
Linked to HTX and Poloniex, Justin Sun has previously been accused of manipulating TRX trading. Additionally, the vast amount of HTX reserves concentrated in one asset has alarmed institutional investors. This has resulted in notable fund withdrawals from HTX. Furthermore, regarding USDT holdings, HTX significantly lags behind Binance.
August also witnessed a mysterious influx of $200 million into HTX’s reserves. Despite the allegations, Justin Sun has firmly refuted claims of orchestrating this transfer. Consequently, the entire saga has raised questions about the transparency and stability of the wider cryptocurrency ecosystem. With these developments, the integrity and trustworthiness of major players in the crypto arena are under the microscope.

Huobi token activities stir concerns amidst large USDC transfers

Cryptopolitan_News

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