2023-05-17 13:36:28
Justin Sun has recently expressed his concerns on social media about the apparent price gouging of Huobi’s native HT tokens. Sun directed his accusations towards Li Wei, brother of Huobi founder Li Lin.accusing him of repeatedly selling large amounts of HT tokens and driving their value down.
These tokens were said to have been initially distributed to Wei during the token distribution as a side offering.
Li Lin’s younger brother Li Wei has repeatedly obtained a large amount of zero-cost HT through abnormal means. He has sold it on the Huobi platform many times in history, and has withdrawn huge amounts of cash. In order to protect people’s interests, the Huobi Global Advisory Committee and the HT DAO community decided to recover and destroy the HT obtained by Li Wei at zero cost. The HT destruction will be announced in the HT community. Such behavior will not be condoned.
— HE Justin Sun 孙宇晨 (@justinsuntron) May 16, 2023
JUSTIN SUN AND HUOBI TAKE ACTION AGAINST LI WEI
According to Justin Sun’s Twitter messages in English translated format, Li Wei received millions of free HT tokens during the token distribution phase. In recent months, he has allegedly been selling these tokens through Huobi and making a profit on 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 decided to take joint action.
As part of the recovery process, they plan to recover the HT tokens obtained free of charge by Li Wei and subsequently destroy them, with the announcement of this token burn to be done in the HT community in the near future.
“After all, Li Wei has not made any substantial contribution to our community,” Justin Sun said. “We believe in fairness and the importance of rewarding those who genuinely contribute to the growth and development of HT DAO.”
Furthermore, Justin Sun revealed that the HT DAO community will request that Wei return the profits he made from previous HT token sales. The funds acquired from these returns will be used to buy back and burn additional HT tokens.
HT TOKEN PRICE
Since its peak in May 2021 at $39.81, the token has experienced a dramatic decline of approximately 92.73% since then, with a current value of about $2.90.
Over the last seven days, HT has shown significant volatility. HoweverDespite a drop of more than 30% in the last month, HT has shown some signs of recovery following Sun’s tweets. The token is trading around $2.93 and maintains a market capitalization of around $475 million, according to CoinMarketCap.
As the Huobi community awaits the outcome of the negotiations and subsequent actions regarding the HT token sell-off, market participants will be watching how this situation plays out and whether it will have a lasting impact on value and reputation. from Huobi and its native token, HT.
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