• The US Securities and Exchange Commission (SEC) recently filed charges against Justin Sun, CEO of TRON Foundation, and two BitTorrent-related companies.
• Huobi Global, a cryptocurrency exchange for which Sun is an advisor, experienced only minimal impact from the SEC charges.
• Justin Sun announced plans to invest tens of millions of dollars in Huobi to improve the exchange.
SEC Files Charges Against Justin Sun
The U.S. Securities and Exchange Commission (SEC) recently filed charges against Justin Sun and three companies he is linked with; TRON Foundation; which he served as founder and CEO until 2021, as well as two BitTorrent related firms which he briefly served as CEO after TRON acquired the project in 2018.
Huobi Global Experiencing Minimal Impact
Justin Sun commented on his Chinese-language Twitter account that Huobi „feels that [the issue] has come to an end.“ He stated that the exchange only saw a net withdrawal of $30 million in one day following the SEC charges, compared to a net deposit average of $20 million per day prior to this. Additionally, there was a wave of coin withdrawals but still experienced a net deposit of $7 million throughout this time period.
Reinforcing Huobi’s Position
Sun has announced plans to reinforce Huobi with a “to-do list” that includes depositing tens of millions of dollars into the exchange, launching new tokens and introducing other improvements. The value for Huobi Token (HT) has decreased by 10% within the past week and currently experiences moderate trading volume at $840 million per day.
Overall it appears that despite recent legal issues affecting Justin Sun’s other projects, his current role as advisor at Huobi Global has been minimally affected. With efforts now being put in place such as investing large amounts into the platform coupled with token launches and additional improvements, this could help further strengthen their position within the industry going forward.