##🔥WARNING: Those who are leaving assets on HOUBI floor, please be extremely careful##😭😭
There is currently quite a bit of FUD regarding Huobi (HTX) and Justin Sun personally.
👉Specifically, on the evening of July 11 Vietnam time, Ki Young Ju, CEO of data insight synthesis unit #CryptoQuant, said he discovered that Justin Sun had just opened a long position $BTC at the price of 67,000 USD.
Worth mentioning, this position is worth up to 420 million USD, while on-chain data records that Sun's USDT reserves are only about 24 million USD.
From here, CryptoQuant CEO believes that Sun's long position is actually stUSDT - a stablecoin drawn from the project that Sun is raising capital with an APY of 46% (very high) and 89% of the circulating supply of stUSDT is on the exchange itself. … Cooperative.
😥In short, according to Ki Young Ju, Justin Sun is using stUSDT USERS' MONEY on the Cooperative exchange to invest outside. In case the deal fails, it is likely that the cooperative will face a liquidity crisis similar to the incident of FTX exchange once managed by Sam Bankman - Fried.
🛑Just a few hours later, CEO #CryptoQuant's post was deleted. However, Ju affirmed that he would "NOT LET THIS CASE Sink" and only temporarily deleted the post to discuss with the Cooperative team about reserve evidence (POR).