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Justin Sun’s Whale Transactions Favor Huobi Token Days After Confirming Leadership Role.
Days after making public his leadership role at Huobi, Justin Sun executed the transfer of significant amounts of some specific tokens. In two separate alerts, blockchain security analytics company Peckshield released information about the said transactions. One of the alerts contained information that identifies Sun as the owner of the wallets involved, while the second alert was from a “Huobi Token (HT) whale” suspected to be Sun.
According to the Peckshield alert, a Justinsun-labeled address transferred 812.7k CRV ($891k), 19.6k GAL ($38.9k), and 892.7k DYDX ($1.6M) to Binance. For analysis purposes, such transactions do not go unnoticed, and always attract the attention of the crypto community which tries to make meaning out of it.
#PeckShieldAlert Justinsun-labeled address 0x3ddf…296 transferred 812.7k $CRV ($891k), 19.6k $GAL ($38.9k), 892.7k $DYDX ($1.6M) to Binance https://t.co/QliuDW4KKm pic.twitter.com/erJlWy5HQ1
— PeckShieldAlert (@PeckShieldAlert) January 23, 2023
The crypto community is already making attempts at interpreting Sun’s motive for initiating such transactions. Some responders to Peckshield’s tweet suggested that Sun is targeting the upcoming token unlock exercises. From the tone of their responses, they are likely insinuating that Sun plans to cash in on the token by dumping them.
Peckshield’s second alert contained details showing an HT whale transferred 35.72K HT ($181k) to Huobi. The tweet left a hint suggesting Sun to be the whale, however, that was not confirmed.
#PeckShieldAlert HT Whale (Justinsun?) -labeled address 0x0511 transferred 35.72K HT ($181k) to Huobi5 2 hours agohttps://t.co/4zkKGYSze9 pic.twitter.com/dcRGAkmWpB
— PeckShieldAlert (@PeckShieldAlert) January 23, 2023
This congregation of events has raised eyebrows within the crypto space. First, it was the confirmation of Sun’s public role at Huobi, followed by transactions that tend to favor the native cryptocurrency of the exchange, HT.
As assumptions continue to grow, there is a conspiracy theory that Sun’s latest transactions are targeted toward supporting his newly embraced company, Huobi. After all, the exchange had released a memo that confirmed Sun’s leadership as an important event in setting the exchange off on a revival path.
Until recently, Sun’s actual role at Huobi was a subject of heavy speculation. In 2022, he was rumored to have acquired the exchange. After denying any such move, he announced taking up an advisory role at Huobi. That was his recognized status until the latest announcement that confirmed him as the leader of the exchange in Singapore.