On-chain data shows that a whale made two large deposits into Huobi, boosting the exchange’s holdings of USDT and Ether.
The whale made the first transfer of $200 million USDT on Tuesday morning Asia time, followed by a second transaction of 5,000 ether (ETH), valued at $9.15 million.
A Huobi spokesperson denied that the address belongs to Justin Sun. The address is tagged as one of the top-10 holders of TRX token.
The deposits bring Huobi’s supply of USDT up to $273 million, according to DeFi Llama data.
Huobi also has a balance of $400 million stUSDT, a Sun-backed project described as the “first real-world asset protocol on the Tron Network” though its not yet widely supported.
These transactions come as outflow from Huobi continues. Data from Nansen.ai shows that in the last week, $92.2 million in Ethereum-based tokens have flowed off the exchange, while $101 million in total across all blockchains has moved during the same time period.
Part of the reason for the ‘run’ on the exchange are unsubstantiated rumors that Huobi executives have been detained in China, which a spokesperson has denied.
Huobi’s HT token is down 2%, trading hands at $2.62.
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