The bear market deepens as negative news and FUD keep popping up. The latest on the list of fear-causing information is Justin Sun’s USDD stablecoin and popular crypto exchange Huobi. 

As per the data, Justin Sun’s Tron USDD Stablecoin is de-pegging heavily and it could be in the process of collapsing. USDD which is meant to trade at $1 is now valued at $0.976, at the press time. It is almost 5% down from its fixed value.

Crypto exchange Huobi plans to lay off about 20% of its staff, Tron founder Justin Sun told Reuters.

According to Lookonchain, Justin Sun, the founder of Tron blockchain, cashed out 88M $BUSD again.

Dmitry Medvedev – a Russian politician who served as President of the country between 2008 and 2012 – thinks 2023 could see the crash of the International Monetary Fund (IMF) and the World Bank. He suggested that such an event could reduce the power of the euro and the dollar and boost the usage of cryptocurrencies.

Tron founder Justin Sun is one of the richest figures in crypto, and a good chunk of his bitcoin (BTC) is stored in one place: U.S.-based Valkyrie Investments.

Tron founder Justin Sun on Wednesday withdrew 100 million BUSD stablecoins from crypto exchange Binance. The 100 million BUSD withdrawn was then moved to the Paxos Treasury. Binance CEO CZ on Tuesday pointed out that 100 million USDC transferred by Justin Sun to Binance is part of deploying BUSD on Tron through cross-chain swaps.

Binance CEO Changpeng Zhao stepped in to reassure clients after the world's biggest crypto exchange experienced more than a billion dollars of outflows.

A general sense of unease about the health of Binance continued through the market during the Asian trading hours on Tuesday.

Tron’s founder, Justin Sun, has pledged to deploy more capital to stabilise the algorithmic stablecoin USDD after it lost its $1 peg.