Justin Sun Says Huobi Founder Li Lin's Brother Acquired HT Token for Free and Cashed Out

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."

Timeline of Huobi-token

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.

Interesting price action was experienced in Huobi Token over the past 24 hours in which the digital currency, native to the Huobi Global exchange experienced a flash crash with its price dropping by as much as 93%. In what is considered a very rare event, the digital currency rebounded at almost the same rate within a short time.

Huobi Token (HT) has emerged at the center of insolvency rumors following a shocking performance on Thursday. Following the plunge in the general crypto market, Huobi Token took it a step further with a massive 90% drop in just a matter of minutes.

The Huobi exchange's native HT token flash crashed a few hours ago, losing more than 93% of its value. It quickly recovered from the incident, but its price is still 20% below pre-crash levels.

Justin Sun's Huobi Global is facing multiple challenges amid the alleged troubled financial health of the crypto exchange. In the major development, Huobi's South Korean arm, Huobi Korea has reportedly decided to cut itself from its parent firm.

The exchange token of the Huobi Global exchange, Houbi Token [HT] drastically lost about 9% of its value after the exchange witnessed massive outflows. According to the DeFiLlama, over $75 million left the shores of the Houbi platform in the last 24 hours.

Huobi Token (HT), a cryptocurrency trading exchange asset with an overall valuation of $868 million, recorded a significant uptick in its price after an announcement made by Justin Sun, the founder of the Tron blokchain. According to data from Coingecko, on November 29, the asset went up by 13% and peaked at $7.22 before entering a correction phase that made it return to the $6 territory.