Cryptocurrency News & Updates

Huobi exchange founder’s brother selling big amount of “free HT” tokens

Tron (TRX) founder Justin addresses the unfair advantage that Huobi crypto exchange founder’s brother is taking with his free HT token holdings.

Huobi crypto exchange was founded by Leon Li in 2013. Reportedly popular crypto entrepreneur Justin Sun is currently a very big stakeholder in this crypto exchange, as a Bloomberg report suggests. Justin never admitted that he is the owner of Huobi but confirmed that he was hired by the Huobi exchange as a senior advisor & also dismissed all the reports. 

On 16 May 2023, Justin explained to his followers that when the  Huobi token (HT), a native token of the Huobi crypto exchange, was launched in early 2018  then at the time Huobi exchange founder’s brother Li Wei received a huge amount of HT tokens for free. 

Justin noted that Wei is selling his HT token holdings rapidly and cashing out millions, which is a fully unethical way to make money.

To fix this issue, Justin said that Huobi Token (HT) Dao decided to take action to prohibit such activities in the HT market, as Wei contributed nothing to the HT token or Huobi exchange but made huge money.

However, Justin failed to provide clarity that what type of action will be taken by the HT DAO community but hinted that they will be able to stop the rapid selling of this big amount of HT tokens. 

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