Huobi's Token burn strategy skyrockets user confidence in Huobi Token (HT)

Hong Kong-based cryptocurrency exchange Huobi recently expressed gratitude to loyal users for their unwavering support and confidence in Huobi Token (HT). In a newly released report, Huobi highlighted significant developments, including a groundbreaking token burn in the second quarter of 2023.

Timeline of Huobi-token

According to Malaysia's Securities Commission, Huobi Global is not a registered business and must shut down its operations in the country.The order to cease operations was issued to the crypt exchange Huobi and its CEO Leon Li whose younger brother Li Wei is accused of pocketing $7.45 million from free HT tokens.Justin Sun noted that the order from Malaysia's SC is directed at the former Huobi platform and not the revamped company he advises, per reports. The Malaysian Securities Commission launched enforcement actions against crypto exchange Huobi Global for operating an unregistered digital asset business.

Justin Sun has called out the brother of Huobi Global founder Li Lei for dumping HT that he received for free and driving down the token's price. The HT DAO plans to recover said HT tokens and burn them.

Justin Sun, Tron's founder, comes forward with claims, presented in a Twitter thread, that the brother of Huobi's founder has repeatedly hoarded the exchange's native token for free.

In a recent tweet, H.E. Justin Sun, the founder of Tron and a prominent figure in the cryptocurrency world, unveiled a significant issue surrounding the distribution of Huobi Tokens (HT).

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.

Tron founder blockchain and Huobi stakeholder Justin Sun has lodged a series of accusations against the brother of Huobi founder Li Lin, alleging that he acquired Huobi's native token (HT) "abnormally" at zero cost and sold it for "huge amounts of cash."

The largest centralized exchanges send quarterly a portion of their revenue to buy back and destroy the share of native tokens in order to keep them scarce. Here's what the latest token burn announcements can tell about an exchange's revenue.

Tron founder Justin Sun's offer to sell his stake in Huobi was reportedly rejected by rival crypto exchange Binance due to concerns over Huobi's alleged connections to mainland China.

While the global crypto market appears to have plummeted due to federal reserve chairman Jerome Powell's recent announcement on the spike in interest rates, Tron blockchain native token (TRX) and Houbi exchange native token (HT) seem to have slumped for other reasons. On March 22, the U.S. Securities Exchange and Commission (SEC) charged Tron founder, Justin Sun over the offering of unregistered sale of crypto asset securities and the manipulation of the market to pump the price of Tron as well as other related tokens.

Huobi Token [HT], the native token of the popular cryptocurrency exchange, Huobi Global, flash crashed by more than 60% during Thursday trading hours, falling from $4.74 to $1.83 in a matter of 25 minutes, as per CoinMarketCap.