{"id":9991,"date":"2023-05-17T13:05:15","date_gmt":"2023-05-17T17:05:15","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/billionaire-justin-sun-accuses-huobi-founders-brother-of-illegally-profiting-from-tokens-whats-going-on\/"},"modified":"2023-05-17T13:05:16","modified_gmt":"2023-05-17T17:05:16","slug":"billionaire-justin-sun-accuses-huobi-founders-brother-of-illegally-profiting-from-tokens-whats-going-on","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=9991","title":{"rendered":"Billionaire Justin Sun Accuses Huobi Founder’s Brother of Illegally Profiting from Tokens \u2013 What’s Going On?"},"content":{"rendered":"
\n

Precocious billionaire tech and crypto entrepreneur Justin Sun just accused the brother founder of the world\u2019s 13th<\/sup> largest cryptocurrency exchange by trading volumes Huobi of having illegally profited from HT token sales.<\/p>\n

HT is the native utility token of the Huobi exchange and its holders can receive substantial trading fee discounts.<\/p>\n

According to a Tweet thread<\/a> posted by Sun, Li Wei, the brother of Leon Li (Huobi\u2019s founder), received millions of HT tokens for free via \u201cabnormal means\u201d.<\/p>\n

<\/oembed><\/figure>\n

\u201cLi Wei has been consistently selling off these HT tokens and cashing out,\u201d Sun added, despite Li Wei not having \u201cmade any substantial contributions to our community\u201d.<\/p>\n

HT DAO Stepping In to Serve Justice<\/strong><\/h2>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

According to Sun, \u201cthis action is not only a matter of justice but also serves the best interests of everyone in the HT DAO community\u201d.<\/p>\n

\u201cWe believe in fairness and the importance of rewarding those who genuinely contribute to the growth and development of HT DAO,\u201d he added.<\/p>\n

HT Token Unfazed, But Still in Deep Bear Market<\/strong><\/h2>\n

HT was last changing hands across major cryptocurrency exchanges in the $2.90 area, unfazed by the recent news regarding the Huobi exchange\u2019s brother and his illegitimately acquired HT tokens.<\/p>\n

But HT remains in a deep bear market, down nearly 18% for the month and around 44% for the year, after having lost around 45% of its value in 2022.<\/p>\n

HT Alternatives to Consider<\/strong><\/h2>\n

While HT remains in a deep bear market, 2023 has been a great year for most major blue-chip cryptocurrencies.<\/p>\n

While the likes of Bitcoin and Ethereum will most likely prove to be great long-term investments, investors should always be on the lookout to diversify their crypto holdings.<\/p>\n

One high-risk-high-reward investment strategy that some investors might want to consider is getting involved in crypto presales.<\/p>\n

This is where investors buy the tokens of up-start crypto projects to help fund their development.<\/p>\n

These tokens are nearly always sold very cheap and there is a long history of presales delivering huge exponential gains to early investors.<\/p>\n

Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application\/platform.<\/p>\n

If an investor can identify such projects, the risk\/reward of their presale investment is very good.<\/p>\n

The team at Cryptonews spends a lot of time combing through presale projects to help investors out.<\/p>\n

Here is a list of 15 of what the project deems as the best crypto presales of 2023.<\/p>\n

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.<\/sup><\/i><\/p>\n<\/p><\/div>\n