Despite the advent of the bear market, the crypto industry witnessed an array of collaborations. While most of them were acquisitions of troubled firms, a few other alliances made big news in the ecosystem. Justin Sun’s decision to be a part of the prominent crypto exchange Huobi did make quite some noise. Now, Sun was reportedly trying to elevate his interest in the platform.
As per Chinese journalist, Colin Wu, Poloniex, an exchange previously acquired by Sun was all set to merge with Huobi. After several conjectures about Sun’s association with Huobi, it was brought to light that he was the advisor at the exchange. While he continues to deny that he owns a part of the platform, the community speculated that he entailed a big stake in it.
Poloniex bid adieu to Circle back in 2019. While details about its acquisition remained uncertain, Tron Foundation’s Justin Sun was presumed to be one of the primary investors. Back in June 2022, however, Sun made an announcement about a “strategic partnership” with the exchange.
Now, with both platforms under his wing, he seemed to be merging them. At press time, the daily volume of Poloniex was at $37,015,881.55 while Huobi’s was at $290,051,767.78.
Should the community be worried about Poloniex’s latest move?
Earlier today, Poloniex announced that it stopped on BEP20 [BSC] network deposit and withdrawal function of USDT, USDC, TUSD, and BUSD stablecoins along with ERC20 and TRC20 networks.
Following this, a plethora of rumors about how Changpeng Zhao the CEO of Binance would take down Sun began surfacing. While the community grew wary about this announcement, Justin Sun took to Twitter and hinted at a “big partnership.”
As the industry waits to see how things transpire with this partnership, Huobi token [HT] began surging. At press time, the asset jumped from a low of $5.24 to a high of $5.80 over the last couple of hours.