[SERIOUS] Justin Sun said, “I'm a Advocate of Bitcoin, currently maintaining a Substantial Holding of 100k+ BTC.” As it Appears, Huobi is likely Insolvent, This advocate better turn up in Court when Huobi goes Down. We have a new SBF in the Making.

Guys, we have an advocate now. And look who it is: Mr. Justin Shady.

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Nowadays, It's been making the rounds that Huobi, which has ties to Justin Sun is secretly insolvent. Recent speculations emerged on August 6, suggesting that Huobi could be facing financial difficulties. These rumors gained traction due to a noticeable decrease in its USDT reserves on tron blockchain. The reserves, which stood at 600 million in early July, seemingly is down to 100 million.

Interestingly, CZ, the founder of Binance and a friend of Justin Sun, has also started converting USDT from the tron blockchain. Given this association, it's possible that Binance might have received inside information regarding the stability of the stablecoin.

Responding to these unsettling rumors, Justin Sun asked the community not to be swayed by FUD and Huobi also joined the conversation, echoing a similar sentiment and reassuring its users that there's no substantial reason for concern.

But, analyst Adam Cochran pointed out that the sum of assets held in users' Huobi accounts is a significant $631 million. However, Cochran holds the belief that the actual reserves might be a mere $90 million, it definitely raises eyebrows about their financial situation.

Huobi holds a prominent position among all of the exchanges, boasting a daily trading volume of $1.15 billion. The potential collapse of such a major player could trigger a massive outflow of assets from the market, causing considerable damage to the industry's reputation and would damage the trust in market as a whole.

This situation evokes memories of FTX in November 2022. The aftermath of that collapse led to a downward spiral in the value of Bitcoin and subsequently other cryptocurrencies, plunging them to cyclical lows.

Both Tron and Justin Sun have faced their fair share of scandals since their entry into the market in 2017. Despite the controversies, everything has managed to remain relatively stable thus far. However, the recent rumors surrounding Huobi's financial health certainly fuel concerns,

Not spreading the FUD, but stay as far away as you can from any of Justin's products.