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In a series of tweets, Justin Sun said: March 24th Huobi believes the repercussions of recent accusations against his other projects are over.
On March 22, the U.S. Securities and Exchange Commission (SEC) filed indictments against Justin Sun and three companies he is associated with.
Specifically, the SEC has filed a lawsuit against the TRON Foundation. Sun said he would serve as the founder and CEO of TRON until 2021. After TRON acquired the projects in 2018, Sun briefly served as CEO of these companies.
Sun is still involved in and owns these companies, but is no longer CEO. He currently serves as his global advisor to the cryptocurrency exchange Huobi. The relationship spilled over into the exchange with concerns about Tron and BitTorrent.
Minimal impact on Huobi
On a Chinese-language Twitter account, Sun wrote that Huobi feels: [the issue] it’s over. ”
In the thread, Sun said Huobi only saw $30 million in net withdrawals in one day following the SEC’s charges. In contrast, Huobi recently saw him net deposits of $20 million per day, according to Sun. He said the SEC’s claim represents his five years of “output” from regulators and his one-and-a-half day’s cost to Huobi is “worthless.”
Regarding cryptocurrency activity, Sun said the exchange saw an “abnormal wave of output and a wave of coin withdrawals” against $7 million in net deposits.
Sun plans to beef up Huobi with a “to-do list” that includes depositing tens of millions of dollars into exchanges, launching new tokens, and introducing improvements.
Huobi Token (HT) is down 10% over the past week with today’s trading volume at $840 million.
