Justin Sun accuses Huobi’s founder’s brother of freeloading on HT token Justin Sun accuses Huobi’s founder’s brother of freeloading on HT token
Huobi founder Li Lin reportedly promised to pay a 10-times compensation if Justin Sun's allegations are true.
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Updated: Jul. 12, 2023 at 2:23 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto entrepreneur Justin Sun accused Li Wei of acquiring tons of Huobi Tokens (HT) for free and selling them for millions to cash out on the platform. Wei is the brother of Huobi’s exchange founder Li Lin.
In a May 16 Twitter thread, Sun claimed Wei received the HT tokens at zero costs when it was initially distributed. The Tron (TRX) founder alleged that Wei has been selling them on Huobi since then — making huge profits.
Sun did not provide further information on the amount Wei made from the HT token sales.
However, Sun has promised to end this by recovering and destroying the remaining tokens with Wei through the help of the Huobi Global Advisory Committee and the HT DAO community.
According to Sun, the committee will engage Wei to negotiate a refund in the best interest of the HT DAO community. He noted that Wei did not contribute anything to the community, so he shouldn’t have access to the tokens.
“We believe in fairness and the importance of rewarding those who genuinely contribute to the growth and development of HT DAO.”
Meanwhile, Wu Blockchain reported that Huobi founder Li Lin asked Sun to provide evidence of his claims. According to the report, Lin promised to pay a 10-times compensation if the allegations were true.
Following the news, HT jumped 2.5% on the 1-hour candle to $2.989 at the time of writing. According to Cryptoslate data, the exchange’s token has risen 3.55% in the last 24 hours.
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Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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HTX Token(formerly HT or Huobi Token) is a decentralized digital asset based on Ethereum, with a limited total supply of 500 M, issued by Huobi Group.
HTX
Huobi, a virtual asset exchange, launched a revised branding strategy on September 13, 2023, where “Huobi” will be rebranded as “HTX.” “H” stands for Huobi, “T” represents TRON with a commitment to being all in TRON, and “X” stands for the exchange.
Justin Sun has carved a name for himself as a leading figure in the blockchain sector.