Code Red Time: ‘This Altcoin Could Crash Like LUNA!’

Investor Mike Alfred said that a stablecoin like LUNA, which has lost its dollar stability in recent days, may collapse soon. The related altcoin has been floating around Huobi and Justin Sun news for a while.

Mike Alfred predicts LUNA fate for Justin Sun-backed stablecoin

Investor Mike Alfred, who serves as a board member of bitcoin miner Iris Energy and digital asset investment platform Eaglebrook Advisors, recently took to Twitter to address issues with Huobi and Justin Sun. He touched on the fact that Justin Sun is one of Huobi’s secret owners. Additionally, he mentioned that Justin Sun is the most unstable billionaire in crypto.

Alfred also mentioned that Sun has withdrawn and sent billions of dollars worth of stablecoins from Binance. He warned the community that something huge was coming and urged all users to withdraw their money from unregulated exchanges. Along with that, he tackled Justin Sun’s USDD stablecoin. He mentioned that USDD may be in the process of collapsing as the dollar loses its stability. He also emphasized that it is time to code red again in crypto.

According to CoinMarketCap data, USDD has fallen as low as $0.9754 in the last 24 hours. Similarly, Huobi’s native token HT has lost over 10% since the layoff rumors surfaced. Rumors about Huobi, including layoffs, forcing employees to receive wages in stablecoins, and shutting down internal staff communication channels, sparked a riot. Additionally, the trading volume of the exchange has dropped significantly in the last 24 hours.

Since the collapse of the FTX exchange, the soundness of Huobi’s resources has also come into question. Justin Sun did not comment on the recent chaos in the stock market. As Kriptokoin.com, we have reported the events around Huobi in this article. However, new data shows that the silent Justin Sun traded $150 million with Binance.

Amid Huobi crisis, Justin Sun and Binance trade $150 million

According to the data, a wallet associated with Justin Sun moved $100 million USDC and USDT tokens to an unknown wallet. According to WhaleAlert, $50,027 worth of USDT was later moved to another wallet. The same amount of USDT was previously sent to Sun’s wallet.

It was interesting to see about $100M worth of USDT and USDC transferred in multiple transactions from Binance to the shadow owner of Huobi. Earlier, Justin Sun moved approximately $50 million worth of $50 million USDT to Binance. WhaleAlert also noted that $100 million USDC and USDT tokens were moved from an unknown wallet to crypto exchange Huobi.

These massive transactions were recorded while Huobi’s token and TRON (TRX) token were falling. Similarly, Tron’s stablecoin USDD is trading below $1.00 amid the FUD news.