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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

USDD Stablecoin Faces Possible Collapse Amid Huobi Insolvency Rumors

Samuel Edyme
Samuel Edyme
2 years ago
3 mins read
SUI continues Rally

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The bear market deepens as negative news and FUD keep popping up. The latest on the list of fear-causing information is Justin Sun’s USDD stablecoin and popular crypto exchange Huobi. 

Mike Alfred, an investor serving as a board member of BTC miner Iris Energy and digital asset investment platform Eaglebrook Advisors, earlier today voiced out some warnings on USDD stablecoin and Huobi Exchange. 

According to Alfred, Justin Sun shadow owns Huobi, and he is perhaps the “most erratic billionaire in crypto.” Justin has been sending a handful of billions of dollars of stablecoins around the space, including in and out of exchanges such as Binance, said Alfred. Adding, “Something huge is afoot. Withdraw all coins from unregulated exchanges.”

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2 years ago

He also went ahead to tackle Justin Sun’s USDD stablecoin saying the algorithmic stablecoin on Tron has de-pegged and could be in the process of collapsing. “It’s code red time in crypto again,” Alfred concluded. 

Following the accusations that Justin Sun appears to shadow-own Huobi, rumors of the exchange being insolvent have now begun to spread. When a tweep commented on Alfred’s post saying, “I doubt he is a billionaire.” Alfred replied that Justin cashed out $1.5 billion to fiat in the last couple of months. “He’s looting Huobi before it crashes.”

Is Huobi Really Insolvent?

Several theories have intensified Huobi’s rumor of being insolvent. It was reported yesterday that Huobi had shut down internal employee communication groups and feedback channels and is now asking employees to receive their salaries in stablecoins.

While the validation of the rumor has not been confirmed, and there have been no reports of clogging of withdrawals on Huobi yet, the conclusion of whether the exchange is solvent or not is still quite an uncertain projection. 

Amid the ongoing Huobi rumors, the exchange has entered the red in trading volume over the last 24 hours. According to data from Coinmarketcap, Huobi’s 24-hour trading volume is down by over 15%, sitting at $343 billion. 

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Huobi Token Breaches $7 Marker Following Update On This Planned Coin Unveiling

2 years ago

Effect On USDD And The Crypto Market 

As of the time of writing, USDD has de-pegged and is now trading at $0.9799 with a trading volume of $33.5 million. The Huobi native token (HT) has also fallen by more than 7% in the past 24 hours, with a trading volume of $20.5 million over the same time period.

Huobi Token Price Chart on TradingView.com
Source [HT/USDT] on TradingView
There hasn’t been any significant drop in the global crypto market; however, should the rumor about Huobi be true and the exchange eventually crashes, there could be potential drops, particularly in altcoins. Furthermore, both Bitcoin and Ethereum seem to be in a consolidation state, almost as if they are waiting for significant news before they begin to move.

Featured image from iStock, chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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