Millions of HT Allegedly Hoarded by Brother of Huobi Founder

Justin Sun, the founder of Tron and a stakeholder in the Huobi cryptocurrency exchange, has accused the brother of Huobi’s founder of acquiring millions of the platform’s native token (HT) for free and then selling them for a profit. Sun claimed that Li Wei had not made any substantial contributions to the Huobi community and had simply sold the tokens to make a significant amount of money. Huobi’s Global Advisory Committee and HT DAO community have decided to retrieve and destroy the tokens in question. Huobi Token (HT) has been on a downward trajectory since May 2021, falling around 92.73% from its peak.
Last week, Huobi absorbed an 8% increase in spot trading volume, while Binance lost 18% of its spot trading market share to Asian competitors, following Binance’s decision to discontinue zero-fee trading. The cryptocurrency market is intensely competitive, with a number of rivals vying for dominance. BeInCrypto has contacted Huobi for a response to Sun’s allegations but has yet to receive a reply.