Justin Sun Responds To Huobi’s HT Token Incident With A $100M USDC Transfer

Tron founder Justin Sun has responded to the Thursday incident on the Huobi network with a significant donation towards the exchange’s liquidity fund.

• What: Sun completed a $100 million USDC transfer to buff up Huobi liquidity fund
• Why: The exchange’s HT token rapidly dipped and bounced 93% on Thursday
• What next: He will help improve the liquidity depth of main cryptos and HT token. Other interventions include strengthening leverage risk warnings and liquidity capabilities.

After Huobi’s HT token dipped 93% on Thursday, Justin Sun came to the rescue. The Tron executive made a successful $100 million USDC transfer toward the exchange’s liquidity fund. The fund will help Huobi exchange protect against volatile drops in the HT token. Sun tried to explain the incident by saying, “Leveraged liquidation on the market caused by a few users” caused the rapid price dip and rebound.

We have transferred 100 million #USDC to @HuobiGlobal. Done. https://t.co/0TbCsH2ixn https://t.co/XWeHI3FriZ

— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 10, 2023

The HT token incident happened amid a broader correction in the crypto market as $307 million in positions were liquidated across the industry. This was the aftermath of traders dealing with the shock of Silvergate Capital’s shutdown, among other bearish provocations in the market. The Tron executive is a major HT holder, so much so that the token reacted to his October tweet that read, “revitalizing Huobi is to empower HT.” The token rallied 75% after this tweet, invigorated by his promise that “there will be many big moves around HT, including brand upgrade, heavy empowerment, and business cooperation.”

Beyond the financial support, Sun has also committed to helping “improve the liquidity depth of main cryptocurrencies and the HT token.” They would also be strengthening leverage risk warnings and liquidity capabilities.

Huobi Token (HT) Price Drops Despite Intervention By Tron’s Justin Sun 

At the time of writing, HT was exchanging hands for $4.09, down almost 17% in the last 24 hours. Nevertheless, trading activity on the Huobi network was up 468% to $66.4 million as investors exited their positions to avoid further losses. The sell-off can be attributed to the current Fear, Uncertainty, and Doubt (FUD) in the crypto market.

Read More:

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