SEC Demands Justin Sun, TRON Founder Says Huobi Will Not Be Affected

TRON founder and adviser to Huobi Global, Justin Sun (Photo; Doc. NFT Hours)

JAKARTA - The CEO of the Tron Foundation, Justin Sun, recently stated that Huobi believes the impact of lawsuits on other projects has ended. This was revealed through a series of tweets made by Sun on March 24.

On March 22, the United States Securities and Exchange Commission (SEC) filed a lawsuit against Justin Sun and three related companies. The SEC is suing the TRON Foundation, a crypto project founded by Sun, and two BitTorrent-related companies. Sun served as CEO of the companies after TRON bought the BitTorrent project in 2018.

Although Sun is still linked to and owns these companies, now he is no longer CEO. Currently, he serves as an advisor to the Huobi Global crypto exchange. This relationship has caused concerns regarding TRON and BitTorrent to continue on the Huobi exchange.

However, Sun through his Twitter account stated that Huobi felt that this issue had ended. In a series of his tweets, Sun revealed that Huobi had only experienced a net withdrawal of 30 million US dollars (Rp in one day after the SEC's demands. Meanwhile, Sun stated that Huobi recently experienced a net deposit of 20 million US dollars (Rp303 billion) per day.

Sun also added that the SEC's demands cover five years of "output" from regulators, while the one and a half-day fee for Huobi is considered "significant". In terms of crypto activity, Sun revealed that the crypto exchange sees "crazy output wave and coin withdrawal wave" that goes against a net deposit of 7 million US dollars (Rp106 billion).

In order to strengthen Huobi's position, Sun plans to incorporate tens of millions of dollars into this crypto exchange, launch a new token, and introduce improvements. However, the price of Huobi Token (HT) has decreased by 10 percent in the past week, with trading volume hitting USD 840 million (IDR 12.7 trillion) as of today.

Overall, Sun's comments show that Huobi is still maintaining his position in the crypto market despite issues related to lawsuits against companies linked to Sun. Sun also plans to take positive steps in developing Huobi further.

However, users and investors still need to be careful and keep up with the latest developments regarding this issue. Crypto markets are still relatively volatile and prices can change in a fast time. Therefore, always do sufficient research before investing in certain crypto assets.