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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.
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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.
