Justin Sun accuses Huobi founder’s brother of freeloading on HT token

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Key takeaways:

  • Tron CEO Justin Sun has accused Li Wei, the brother of Huobi founder Li Lin, of acquiring Huobi’s native token (HT) in an unconventional manner without any cost and subsequently selling it for substantial profits.
  • Sun’s tweets caused the token, which had lost 43% of its value during the previous seven days, to increase in value by 3.16%.

Tron CEO Justin Sun has accused Li Wei, the brother of Huobi founder Li Lin, of acquiring Huobi’s native token (HT) through unorthodox means without any cost and subsequently profiting from its sale. Over the past week, the value of HT has experienced a notable drop of 43%. Nonetheless, Sun’s tweets have sparked a slight recovery, leading to a 3.16% increase.

In a series of tweets on May 16, Sun made a statement suggesting that Wei obtained the HT tokens at no expense during their initial distribution. According to the Tron founder, Wei has been selling these tokens on Huobi and earning significant profits. However, Sun did not disclose specific details regarding the exact amount Wei has gained from the sales of HT tokens.

In an effort to make things right, the HT DAO committee has moved to enable the destruction of Li Wei’s remaining HT tokens and to negotiate a refund.

In order to correct what Sun characterises as a disparity in token distribution, the HT DAO committee, which is in charge of the governance and decision-making inside the HT DAO community, has stepped in. The committee intends to speak with Li Wei personally in order to arrange for the disposal of any remaining HT tokens and to examine the possibility of a refund.

Sun stated that the committee will initiate discussions with Wei to seek a refund on behalf of the HT DAO community, emphasizing that Wei did not make any meaningful contributions to warrant access to the tokens. He stressed the principle of fairness and the significance of rewarding those who actively contribute to the advancement of the HT DAO.

Justin Sun has taken on a more prominent position within Huobi in recent times. In a March interview, he shared Huobi’s aspirations of obtaining a license in Hong Kong and revealed plans to launch a new exchange called Huobi Hong Kong.

During the early part of 2023, Justin Sun and Huobi faced negative attention when PeckShield, an on-chain analytics company, issued a warning stating that stablecoins worth $100 million were transferred from Sun’s wallet to Huobi. The transfer included 50 million USDT and 50 million USDC.

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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