Categories: MarketsMenafn

Justin Sun Accuses Huobi’s Li Wei of Unfair Huobi Token Acquisition and Sales

Justin Sun, the renowned CEO of Tron (TRX) and a significant stakeholder in Huobi, has publicly alleged Li Wei, brother to Huobi founder Li Lin, of unethically acquiring and disposing of Huobi’s native token, HT. Furthermore, Sun claims that Li Wei irregularly obtained the HT tokens at no cost, converting them into immense wealth.

A Dramatic Dive in Huobi Token Value

The ripple effects of these allegations have been felt in the market, with the value of the HT token plunging 43% within seven days. Nonetheless, a slight recovery of 3.16% was noted following Sun’s social media revelations.

Sun expressed that Li Wei was the beneficiary of millions of HT tokens at zero cost during the initial token distribution phase. This disclosure has raised eyebrows and led to further scrutiny.

In addition, Sun highlighted the ongoing action of Li Wei consistently liquidating these HT tokens. Doing so created a significant cash inflow for himself. This action has precipitated a response from the HT DAO committee, now stepping in to rectify the matter.

Next Steps: Negotiations and Token Destruction

Sun elucidated his intent to negotiate with Li Wei to secure a refund and orchestrate obliterating his remaining Huobi Token balance. This strategy is seen as restoring balance and justice in the community.

In addition, Sun levied criticism at Li Wei for his lack of contributions to the HT community. He emphasized his belief in the principle of rewarding individuals who genuinely contribute to the growth and development of the HT DAO.

The Current State of HT

After this controversy, the HT token is trading at a humble $2.80, with a market capitalization of $450 million. This is a far cry from its all-time high of $33.28, achieved in May 2021. Such a trend is common among exchange tokens.

The accusations lodged by Justin Sun against Li Wei continue to stir debate in the cryptocurrency industry. As the events capture global attention, stakeholders and observers eagerly await this controversy’s resolution. 

The post Justin Sun Accuses Huobi’s Li Wei of Unfair Huobi Token Acquisition and Sales appeared first on CryptoMode.

Jerry Rolon

After working for 7 years as a Internet Marketer, Jerry now aims to explore the journalistic side of Internet. With his impeccable knowledge in this domain, he churns out some of the best news articles from the internet niche. With respect to acedamics, Jerry earned a degree in business from California State University.

Recent Posts

Sony Electronics Singapore Now Accepts USDC Payments via Crypto.com

Sony Electronics Singapore is now accepting payments in USD Coin (USDC) on its online store,…

8 hours ago

<div>Delta Exchange: Pioneering INR-Settled Crypto F&O Trading in India</div>

In the last three months of the year, trading volumes for cryptocurrencies like Bitcoin and…

2 days ago

Pi Network’s Token Sheds 75% in Three Months as Skepticism Grows

The Pi Network (PI) has plummeted over 75% in the past three months, collapsing from…

2 days ago

Chummy Tees Review Rising Trends in the Funny T-Shirt Industry

Sonora, California, 30th March 2025, ZEX PR WIRE, As humor continues to shape popular culture,…

3 days ago

UBX Powers UBC’s 15x Surge: AI and DePIN Innovation Reshaping Crypto Investments

Singapore, 30th March 2025, ZEX PR WIRE, Recently, the native token UBC issued by the…

3 days ago

Tether Eyes U.S. Stablecoin Launch Amid Regulatory Tailwinds

Tether is weighing a crucial entry into the U.S. domestic stablecoin market as CEO Paolo…

5 days ago