Justin Sun has recently taken to social media to express his concerns about the apparent price manipulation of Huobi’s native HT tokens. Sun directed his accusations towards Li Wei, the brother of Huobi’s founder, Li Lin, accusing him of repeatedly dumping large amounts of HT tokens and driving down their value.
These tokens were said to have been initially distributed to Wei during the initial token airdrop as a complimentary offering.
李林弟弟李伟，多次通过不正常手段大量获取零成本HT，历史上多次在火币平台内进行抛售，巨额提现，不仅玷污了李林在国内多年积累声誉，损害了HT社区每一个人的利益，经火币全球顾问委员会，HT DAO社区决议 ，对于李伟零成本获取的HT进行追缴，销毁，HT销毁将在HT社区公示。对于此类行为，绝不姑息。
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 16, 2023
Justin Sun and Huobi take action against Li Wei
According to Justin Sun’s Twitter posts in English-translated format, Li Wei received millions of HT tokens for free during the token distribution phase. In recent months, he has allegedly been selling these tokens through Huobi and profiting from the sales.
In an effort to safeguard the interests of HT investors, Justin Sun informed the Huobi community that the Huobi Global Advisory Committee and the HT DAO community have jointly decided to take action.
As part of the recovery process, they plan to recover the zero-cost HT tokens obtained by Li Wei and subsequently destroy them, with the announcement of this token burning set to be made in the HT community in the near future.
“After all, Li Wei has not made any substantial contributions to our community,” Justin Sun affirmed. “We believe in fairness and the importance of rewarding those who genuinely contribute to the growth and development of HT DAO.”
Additionally, Justin Sun revealed that the HT DAO community would request that Wei return the profits he made from previous sales of HT tokens. The funds acquired from these returns will be used to repurchase and burn additional HT tokens.
HT Token Price
From its peak in May 2021 at $39.81, the token has experienced a dramatic decrease of approximately 92.73% since then, with its current value hovering around $2.90.
Over the past seven days, HT has demonstrated significant volatility. Despite a decline of over 30% in the past month, however, HT has shown some signs of recovery following Sun’s tweets. The token is trading at around $2.93 and maintains a market capitalization of around $475 million, according to CoinMarketCap.
As the Huobi community awaits the outcome of the negotiations and subsequent actions regarding the HT token dumping, market participants will be keen to observe how this situation unfolds and whether it will have a lasting impact on the value and reputation of Huobi and its native token, HT.