• The SEC filed charges against Justin Sun and three companies which he is linked with.
• Huobi Global advisor, Justin Sun said in a series of tweets that Huobi believes the effects of recent charges have come to an end.
• He claimed that the exchange only saw a net withdrawal of $30 million in one day following the SEC charges and his plans to reinforce Huobi with a „to-do list“.
SEC Charges Against Justin Sun
The U.S. Securities and Exchange Commission (SEC) recently filed charges against Justin Sun and three companies to which he is linked. This includes TRON Foundation, where Sun served as founder and CEO until 2021, as well as two BitTorrent-related firms; Sun briefly served as CEO at those firms after TRON acquired the project in 2018. Though he still owns these companies, he is no longer their CEO but rather an advisor for the cryptocurrency exchange Huobi Global.
Impact on Huobi Global
Justin Sun commented on the fallout of these charges on his Chinese-language Twitter account, claiming that Huobi “feels that [the issue] has come to an end”. He stated that although there was initially a net withdrawal of $30 million from the exchange in one day following the SEC’s announcement, it has since seen net deposits of $20 million per day and only a wave of coin withdrawals against a net deposit of $7 million during this time period.
Reinforcing Huobi
Sun has plans to reinforce Huobi with a “to-do list” which includes depositing tens of millions of dollars into the exchange, launching new tokens, and introducing improvements. The cryptocurrency token associated with this exchange (Huobi Token or HT) is currently down 10% over past week while it experienced moderate trading volume today at $840 million USD.
De-Dollarization
This news follows another report by CryptoSlate about de-dollarization – do all roads eventually lead to Bitcoin? It discussed how U.S dollar reign as reserve currency may be coming to an end due to increasing instability caused by political decisions taken by U.S government officials such as President Joe Biden’s proposed capital gains tax hike for wealthy Americans among other factors like inflation rate etc .
Conclusion
In conclusion, it seems like US dollar’s days are numbered if current trends continue leading towards de-dollarization & global economy likely moving towards digital assets such as cryptocurrencies like Bitcoin , Ethereum & Litecoin . In addition , crypto exchanges such as Huobi will play an increasingly important role in this transition .