Huobi believes SEC impact is over

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CoinDesk Consensus

Justin Sun said in a series of tweets on March 24 that Huo­bi believes the effects of recent charges against his oth­er projects have come to an end.

On March 22, the U.S. Secu­ri­ties and Exchange Com­mis­sion (SEC) filed charges against Justin Sun and three com­pa­nies to which he is linked.

Specif­i­cal­ly, the SEC filed charges against TRON Foun­da­tion; Sun served as founder and CEO of TRON until 2021. The reg­u­la­tor also sued two Bit­Tor­rent-relat­ed firms; Sun briefly served as CEO at those firms after TRON acquired the project in 2018.

Though Sun is still asso­ci­at­ed with and owns those com­pa­nies, he is no longer CEO. He is now an advi­sor for the cryp­tocur­ren­cy exchange Huo­bi Glob­al — a rela­tion­ship that has caused con­cerns about TRON and Bit­Tor­rent to spill over to the exchange.

Huobi minimally affected

Sun, on his Chi­nese-lan­guage Twit­ter account, wrote that Huo­bi “feels that [the issue] has come to an end.”

In a thread, Sun said that Huo­bi only saw a net with­draw­al of $30 mil­lion in one day fol­low­ing the SEC charges. By con­trast, Sun said, Huo­bi has recent­ly expe­ri­enced net deposits of $20 mil­lion per day. He not­ed that the SEC’s charges rep­re­sent­ed five years of “out­put” from the reg­u­la­tor and that one and a half days of cost to Huo­bi are “worth­less.”

In regards to cryp­to activ­i­ty, Sun said that the exchange saw a “wave of crazy out­put and a wave of coin with­drawals” against a net deposit of $7 million.

Sun plans to rein­force Huo­bi with a “to-do list” that includes deposit­ing tens of mil­lions of dol­lars to the exchange, launch­ing new tokens, and intro­duc­ing improvements.

Huo­bi Token (HT) is down 10% over the past week and the exchange saw a mod­er­ate trad­ing vol­ume of $840 mil­lion today.

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