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Study Finds Troubling Links Between HTX and Binance

Press Releases Crypto News BeInCrypto Study Finds Troubling Links Between HTX and Binance

A new research report from Kaiko Research (Kaiko) found HTX sold large amounts of Tether (USDT) for USDC in the past three months. USDC transfers of similar size to Binance followed each sale, suggesting potentially concerning links between the two exchanges.

Kaiko’s wallet data revealed that HTX sold $350 million USDT for USDC since the start of July. Around the same time, two wallets Kaiko has linked to HTX started selling $400 million USDC to Binance in separate transactions.

StUSDT Holdings Similar to Binance Transfer

These transactions paint HTX’s JustLend product in a more concerning light. HTX grants JustLend customers one staked USDT (stUSDT)for each deposited USDT.

It claims to earn interest by using the deposited USDT to buy low-risk treasury instruments. Its reported stUSDT deposits total $400 million, the same amount transferred to Binance.

HTX USDC transfers | Source: Kaiko

While there is no evidence of foul play, it calls to remembrance HTX’s history of abnormal trading activity that hasn’t always coincided with major market events.

When Worldcoin’s WLD token launched this year, Kaiko identified clusters of buy and sell orders that appeared irregular in duration and volume. Altcoins with volumes under $1 billion from March to October jumped from $1.4 billion during the week of July 16 to $3.4 billion a week later.

After Worldcoin’s token launch, HTX captured one-fifth of global exchange volumes, while Poloniex, an exchange it is linked with through crypto mogul Justin Sun, later recorded $20 billion. The latter occurred in August when most exchange volumes were at all-time lows.

Sun, who founded Poloniex and recently joined HTX’s senior management, has been accused

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Author: David Thomas

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