Huobi to burn all HT tokens following Justin Sun’s allegations against Li Wei
In recent developments, Justin Sun, the founder of Tron (TRX) and a Huobi investor, has accused Li Wei, the brother of Huobi founder Li Lin, of obtaining a significant number of free HT tokens through abnormal means. According to Sun, Li Wei has been liquidating these tokens at zero-cost and withdrawing large amounts of cash multiple times on the Huobi platform.
In light of this information, the Huobi Global Advisory Committee has taken decisive action to protect the interests of its users in partnership with the HT DAO community. To correct the situation, they have agreed to reclaim and burn all HT tokens collected by Li Wei at no cost.
The action aims to ensure fairness, integrity, and transparency within the Huobi ecosystem. Huobi is trying to retain its users’ trust and confidence by taking immediate action against unauthorized and questionable acts.
Additionally, the HT DAO community will request that Li Wei repay the profits from the previous HT sale. The recovered cash will be used to buy back HT for the purpose of destruction, and the destruction process will be publicly announced and documented at the zero address.
HT is currently trading at $2.92 with a market capitalization of $450 million, and it reached an all-time high of $33.28 in May 2021. Investigations into Li Wei’s actions are ongoing, and it is unclear whether Li Wei will face legal charges. Nonetheless, Huobi’s firm action demonstrates how seriously they treat any abuse or exploitation of their platform.