Justin Sun Says Huobi Founder Li Lin's Brother Acquired HT Token for Free and Cashed Out

The HT token bounced by 3.16% following Justin Sun's statement.

AccessTimeIconMay 16, 2023 at 10:51 a.m. UTC
Updated May 16, 2023 at 3:25 p.m. UTC

Tron (TRX) founder and Huobi stakeholder Justin Sun has lodged a series of accusations against the brother of Huobi founder Li Lin, Li Wei, alleging that he acquired Huobi's native token (HT) "abnormally" at zero cost and sold it for "huge amounts of cash."

The token has lost 43% of its value over the past seven days but has recovered by 3.16% following Sun's tweets.

Sun told CoinDesk that Li Wei "received millions of HT tokens for free" when the token was initially distributed.

"Li Wei has been consistently selling off these HT tokens and cashing out. Now, the HT DAO committee is stepping in to rectify this issue," he said. "We plan to engage with Li Wei to negotiate a refund and arrange for the destruction of his remaining HT tokens."

Sun added that Wei has not made any contributions to the HT community and that he believes in rewarding those who "genuinely contribute to the growth and development of HT DAO."

HT is currently trading at $2.80 with a market cap of $450 million, it reached an all-time high of $33.28 in May, 2021, according to CoinMarketCap.

CoinDesk did not immediately receive a response from New Huo Tech, the company that Li Lin is now chairman of.

Over the past few months Justin Sun has taken on a leadership role at Huobi, in an interview with CoinDesk TV in March he said Huobi wants to attain a license in Hong Kong with aims of rolling out a new exchange called Huobi Hong Kong.

CORRECTION (May 16, 2023, 13:34 UTC): Corrects Justin Sun's title at Tron to founder.

Edited by Parikshit Mishra.


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Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

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