Billionaire Justin Sun Accuses Huobi Founder's Brother of Illegally Profiting from Tokens – What's Going On?
Precocious billionaire tech and crypto entrepreneur Justin Sun just accused the brother founder of the world’s 13th largest cryptocurrency exchange by trading volumes Huobi of having illegally profited from HT token sales.
HT is the native utility token of the Huobi exchange and its holders can receive substantial trading fee discounts.
According to a Tweet thread posted by Sun, Li Wei, the brother of Leon Li (Huobi’s founder), received millions of HT tokens for free via “abnormal means”.
“Li Wei has been consistently selling off these HT tokens and cashing out,” Sun added, despite Li Wei not having “made any substantial contributions to our community”.
The HT Decentralized Autonomous Organisation (DAO) that governs the decentralized HT token, which is issued as an ERC-20 token on the Ethereum blockchain, is taking action to rectify the situation, said Sun.
Sun said that the DAO plans to negotiate with Li Wei for a refund of the tokens he has already cashed out and for the destruction of the rest of his bag.
Moreover, the returned funds from Li Wei will be used to repurchase HT for destruction, Sun said, and the destruction will be announced to the community.
The returned funds will be used to repurchase HT for destruction, and the destruction will be announced to the community and entered into the zero address.
According to Sun, “this action is not only a matter of justice but also serves the best interests of everyone in the HT DAO community”.
“We believe in fairness and the importance of rewarding those who genuinely contribute to the growth and development of HT DAO,” he added.
HT was last changing hands across major cryptocurrency exchanges in the $2.90 area, unfazed by the recent news regarding the Huobi exchange’s brother
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