Justin Sun-labeled Wallets Move $2.5M in Altcoins to Binance and Huobi

• Wallets allegedly belonging to Justin Sun transferred over $2.5 in crypto to CEXs.
• Tokens include CRV, GAL, DYDX, and Huobi’s native token HT.
• The transfers come after the exchange received claims of increased withdrawals and staff layoffs.

Alleged crypto wallets of Tron founder Justin Sun have transferred $2.7 million worth of cryptocurrencies to two different centralized exchanges.

According to a tweet by blockchain security company Peck Shield, one wallet sent $891k in CRV, $38.9k in GAL, and $1.6 million in DYDX to Binance, while the other address transferred $181k in HT to Huobi.

HT is Huobi’s native token, and Sun holds a majority stake in the popular exchange. In October, he joined the company’s board as an advisor.  Huobi is the fourth-largest crypto exchange in the world, boasting over $370 million in 24-hour trading volume. In the last few months, the Singapore-based company has been hit with problems concerning liquidity, withdrawals, and now staff cuts.

Mainly affected by the ongoing crypto winter and FTX’s recent collapse, in the beginning of January, Sun moved $100 million worth of his stablecoins from Binance to Huobi as a sign to bolster confidence and help with increasing withdrawals among clients.

Sun transferred the funds shortly after Reuters reported the company would be laying off 20% of its staff. The crypto mogul denied these layoff allegations and told the China South Morning Post they were “untrue”. Other big exchanges, such as Coinbase, Kraken, and Crypto.com, have already cut their workforce by as much as 30%.

The exchange also suffered from claims that employees were protesting against being paid in cryptocurrency. Sun and his team have already claimed that the exchange is suffering excessive FUD from the community and media.