Crypto entrepreneur Justin Sun accused Li Wei of acquiring tons of Huobi Tokens (HT) for free and selling them for millions to cash out on the platform. Wei is the brother of Huobi’s exchange founder Li Lin.
In a May 16 Twitter thread, Sun claimed Wei received the HT tokens at zero costs when it was initially distributed. The Tron (TRX) founder alleged that Wei has been selling them on Huobi since then — making huge profits.
Sun did not provide further information on the amount Wei made from the HT token sales.
However, Sun has promised to end this by recovering and destroying the remaining tokens with Wei through the help of the Huobi Global Advisory Committee and the HT DAO community.
According to Sun, the committee will engage Wei to negotiate a refund in the best interest of the HT DAO community. He noted that Wei did not contribute anything to the community, so he shouldn’t have access to the tokens.
“We believe in fairness and the importance of rewarding those who genuinely contribute to the growth and development of HT DAO.”
Meanwhile, Wu Blockchain reported that Huobi founder Li Lin asked Sun to provide evidence of his claims. According to the report, Lin promised to pay a 10-times compensation if the allegations were true.
Following the news, HT jumped 2.5% on the 1-hour candle to $2.989 at the time of writing. According to Cryptoslate data, the exchange’s token has risen 3.55% in the last 24 hours.
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