Justin Sun Shifts $7 Million in ETH from Huobi to Stake on Lido

Well-known cryptocurrency figure Justin Sun , moved 4,500 ETH (approx $6.96 million) from the Huobi exchange to stake it on the Lido This transfer follows Sun's recent withdrawal of 137,325 ETH from both Binance and Huobi in the last month, with 90,070 ETH (around $146 million) being funneled into staking on Lido.

These moves underscore Sun's robust confidence in the staking opportunities available on Lido, showcasing his proactive approach within the cryptocurrency sector.

Metaverse Post News Sun has also transferred approximately 200 million USDT from JustLend into Huobi, enhancing Huobi's USDT reserves from $85 million to an impressive $285 million. This maneuver, linked to the founder of Tron, has raised eyebrows and sparked discussions within the crypto community.

The motivations behind this maneuver may include diversifying investment assets, bolstering trust in Huobi amid recent negative press, or formulating a strategic market approach. The precise reasons remain uncertain, illustrating the volatile characteristics of cryptocurrency markets and their potential effects on Huobi's reputation and operations.

News Report Metaverse Post Around 52.5 million stablecoins (40.7 million USDT and 11.7 million USDC) were withdrawn from Aave, a decentralized finance protocol. This withdrawal had a significant impact on Aave's liquidity and elevated borrowing rates, leading to a surge in costs to 39.8% for USDC and an astonishing 82.43% for USDT.

While the motivations behind these substantial withdrawals are unclear, they have incited speculation regarding Sun's intentions, investment strategies, and concerns about Aave's operational standing.

New Report

• Tron Founder Justin Sun Accuses Huobi Founder’s Brother of Unfair Token Acquisition
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• Justin Sun Announces a $2 Billion Bailout to Preserve the USDD Peg from Potential Collapse
• The SEC has initiated legal action against Tron Founder Justin Sun along with several prominent celebrities for alleged infringements within the cryptocurrency space.