SINGAPORE – Pressure to stabilize liquidity in the Huboi cryptocurrency exchange is spilling out into the market. Rumors of insolvency at Huobi have caused Tron (TRX) to fall 8% on Friday and depegged the USDD stablecoin. 

On Thursday night into Friday, traders withdrew $60 million amid the ongoing crypto winter. TRX, a cryptocurrency founded by Huobi board advisor Justin Su, dropped from $0.05500 to $0.05100 in just a few hours. At the same time, the USDD stablecoin, popularly traded on Huobi, depegged from $0.9801 to $0.09727. 

TRON founder, Justin Sun, who is also a board advisor at Huobi, has required all employees to take payments in cryptocurrency and the company will cut staff by 20%. Internal communication between teams has also been cut off at the company to quell any backlash.