Huobi Token’s Value Drop Linked to ‘Free’ Acquisitions
Justin Sun, CEO of Tron (TRX) and stakeholder in Huobi, has made serious allegations against Li Wei, the brother of Huobi’s founder Li Lin. Sun accuses Wei of acquiring Huobi’s native token (HT) at no cost and later selling it for significant profit.
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Sun claims that Li Wei “received millions of HT tokens for free” during the initial distribution of the token, which has fallen by 43% in value over the past week, but has seen a modest recovery of 3.16% since Sun's accusations were publicized.
According to Sun, Wei has been regularly selling off his HT tokens, leading to a significant cash outflow. Sun has stated that the HT DAO committee is now intervening to resolve the situation and plans to negotiate a refund with Wei, as well as arrange for the destruction of his remaining HT tokens.
Sun argues that Wei has not made any significant contributions to the HT community and firmly believes in rewarding individuals who “genuinely contribute to the growth and development of HT DAO.”
At present, HT is trading at $2.80 with a market capitalization of $450 million. It hit its all-time high of $33.28 in May 2021, according to CoinMarketCap data.
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