Justin Sun Calls Out Huobi Founder’s Brother Over HT Token Dumping

Justin Sun Calls Out Huobi Founder's Brother Over HT Token Dumping
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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.

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.

Justin Sun Calls Out Huobi Founder's Brother Over HT Token Dumping

“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.

Justin Sun Calls Out Huobi Founder's Brother Over HT Token Dumping

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.


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