• Claims come to the surface that Huobi may be insolvent due to Justin Sun’s behavior.
  • USDT gets stuck in the crossfire, Huobi representative denies claims.

Despite the massive volatility in the DeFi sector over the past few weeks, the stablecoin sector has been relatively resilient. USDT, tether’s largest issued stablecoin, was one of the top performers in the sector. Due to this, the USDT dominance of the total stablecoin market cap hit its highest point in over 2 years.

Realistic or not, here’s TRX’s market cap in BTC’s terms

Something fishy

However, over the last few days, there was a USDT sell-off that occurred, which could impact the stablecoin. According to Adam Cochran, who is a managing partner at Cinneamhain Ventures and a contributor to yearn finance, Justin Sun may have something to do with the sell-offs.

Source: DeFi Llama

In his tweet, Adam suggested that the trail of the USDT sell-offs starts with Binance. He stated that based on past behavior with the exchange’s past selling of the FTT token, it is safe to assume that Binance gets wind of risky assets ahead of time.

AMB-Crypto

AMB-Crypto

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