Justin Sun has called out the brother of Huobi founder Li Lin for dumping HT tokens.
The Tron founder accused Li Wei of driving down the price of HT tokens by selling the tokens he received for free.
Li Lin has reportedly offered 10x compensation to Huobi if Sun provides evidence of his brother’s transactions.
The Huobi Global Advisory Committee and the HT DAO have decided to recover and destroy HT tokens in Wei’s possession.
Justin Sun, the crypto entrepreneur who acquired crypto exchange Huobi Global last year, has called out a relative of Huobi’s founder for driving down the price of the exchange’s native HT tokens by repeatedly dumping them in the market. The HT tokens in question were reportedly given to the concerned relative for free during the initial token airdrop.
Huobi Founder Asks Justin Sun To Provide Evidence
Justin Sun took to Twitter earlier today to publicly accuse Li Wei, the brother of Huobi founder Li Lin, of market dumping large amounts of zero-cost HT tokens. Sun revealed that when HT was initially distributed, Li Wei received millions of HT tokens for free. Wei has reportedly been selling his pile of HT through Huobi over the past few months and cashing out the profit. The impact of the dumping on HT’s price has prompted the decentralized autonomous organization behind HT to take cognizance of the questionable trades and step in to rectify the matter.
The Tron founder informed the Huobi community on Twitter that in the interest of HT investors, the Huobi Global Advisory Committee and the HT DAO community have decided to recover and destroy the HT tokens obtained by Li Wei at zero cost. The burning of said tokens will be announced in the HT community soon. Huobi founder Li Lei reportedly responded to Sun’s allegations by asking for evidence of the transactions made by his brother. Lei reportedly pledged 10x compensation to the exchange if the allegations are proven.
As a platform that has been established for ten years, Huobi will never condone this behavior on the way back to the top three, and will never let anyone who really buys HT in the spot market be disappointed! We must be responsible to the end!”
Justin Sun revealed that the advisory council and the HT DAO plan to negotiate the return of the zero-cost HT tokens from Li Wei. The recovered token will subsequently be destroyed. Sun added that the HT DAO community will ask Wei to return the profit he made from previous sales of HT tokens. These funds would be used to acquire and burn more HT tokens.