Justin Sun claims that Huobi founder Li Lin’s brother legally acquired and cashed out on HT tokens for free
The HT token gained 3.16 percent after Justin Sun’s comments.
In a series of tweets, Justin Sun, CEO of Tron (TRX) and an investor in Huobi, accused Li Wei, brother of Huobi founder Li Lin, of buying “abnormally” for zero cost and selling it for “huge amounts of cash.”
In the previous seven days, the token’s value has dropped by 43%, but it has since rebounded by 3.16% thanks to Sun’s tweets.
According to Sun’s comments to CoinDesk, Li Wei “received millions of HT tokens for free” during the token’s inaugural distribution.
Regularly, Li Wei has been cashing out his HT tokens. He said, “Fortunately, the HT DAO committee has stepped in to fix this.” We will be communicating with Li Wei in an effort to return his money and destroy the rest of his HT tokens.
Sun continued, saying that Wei had made no positive contributions to the HT community and that he only wanted to give credit to individuals who had “genuinely contributed to the growth and development of HT DAO.”
According to CoinMarketCap, HT peaked in May 2021 at $33.28 and has since fallen to its current price of $2.80 with a market size of $450 million.
New Huo Tech, where Li Lin currently serves as chairman, did not immediately respond to CoinDesk’s request for comment.