Thread by @DataaRocks

🟡 SUMMARY OF #HUOBI FUD

- Justin Sun to shutdown 1,100 staff Huobi China HQ
- Re-contracting all China employees to Huobi Global, Singapore
- Full-time employees become new staff with 3-Mth probation
- Revoked N+1 layoff compensation
- Revoked year-end bonus

1/🧵 cont'd

Continued:

- Cancelled Huobi China's employee insurance policies(which is a big deal in China)
- Changed salary issuance from $RMB to $USDT / $USDC, leading to China legal concerns

Employees are disgruntled at Justin for dismantling Huobi China within 2mths of acquisition.

2/

🟡 Justin's history:

- 2014, founded Tron Network
- 2017, founded Tron Foundation(Non-profit)
- 2018, switch Tron(ERC-20) to its own blockchain
- 2019, Justin joins #Tether
- 2021, Tether mkcp hits $80B, Justin becomes #Grenada diplomat
- 2022, buys @HuobiGlobal

3/

🟡 Justin's $1.1B withdrawal:

- It was speculated that this was used to fund Huobi's operations
- Likely untrue, the amount is way too large to cover burn rate
- Even Twitter running at its most wasteful state only burns at $4mil/month
- Whispers of him cashing out

4/

https://twitter.com/ScopeProtocol/status/1607983914907500544

🟡 What could happen to Huobi?

- Huobi has $80m(4%) outflow in the past 24H, and $133m(7%) in 7D VS their $2B clean assets
- Could halt withdrawals and activities if situation gets out of proportion
- Risk-averse thing to do right now is to withdraw and self-custody

5/