The brother of Huobi co-founder Li Lin, Li Wei, received “millions” of HT tokens for free during the initial distribution for further sale without any reason. This was stated by Justin Sun.
李林弟弟李伟，多次通过不正常手段大量获取零成本HT，历史上多次在火币平台内进行抛售，巨额提现，不仅玷污了李林在国内多年累声誉，损害了HT社区每一个人的利益，经火币全球顾问委员会，HT DAO社区决议 ，对于李伟零成本获取的HT进行追缴，销毁，HT销毁将在HT社区公示。对于此类行为，绝不姑息。
— HE Justin Sun 孙宇晨 (@justinsuntron) May 16, 2023
“The Huobi Advisory Committee and the HT DAO community have decided to return and destroy Li’s free assets. We will notify you. This behavior has no justification,” wrote the founder of Tron.
The Huobi co-founder’s brother has repeatedly sold and cashed out “massive volumes” of tokens, he said.
“Now the HT DAO committee is stepping in to fix this issue. We plan to contact Li Wei to negotiate a refund and arrange for the destruction of his remaining HT,” Sun said.
We plan to engage with Li Wei to negotiate a refund and arrange for the destruction of his remaining HT tokens. This action is not only a matter of justice but also serves the best interests of everyone in the HT DAO community.
— HE Justin Sun 孙宇晨 (@justinsuntron) May 16, 2023
He emphasized that Li Wei has not made a “substantial contribution” to the community, so the withdrawal of tokens from him “is a matter of fairness.”
Sun did not reveal the exact amount of HT received by Li Lin’s brother.
Since the beginning of the year, the price of the exchange token has fallen from $5.19 to $2.88 at the time of writing – by 44.5%. Over the past day, HT has gained almost 6%. At its all-time high in May 2021, the asset was worth $39.66 (CoinGecko).
In October 2022, reporters named Sun as the ultimate beneficiary of the About Capital Management fund, which bought a 58% stake in Huobi from Li Lin. The entrepreneur and the exchange denied this, claiming that Sun became just an adviser as a member of the advisory board.
At the same time, the founder of Tron admitted to owning “tens of millions” of HT. In March 2023, he created a $100 million USDC fund for Huobi to bolster the exchange’s liquidity amid a sharp collapse in its token.
In November 2022, the media reported on a possible merger between Huobi and Poloniex, which Sun and a group of investors bought in 2019. The entrepreneur denied the rumors, but did not rule out a similar development of events in the future. The platforms have established a strategic partnership.
Recall that Huobi launched its own token in 2018, at the same time, the majority of community members supported the implementation of the HT burning mechanism.
According to the results of the first quarter of 2023, the exchange destroyed 827,226 tokens, the total emission decreased to 203 million HT.
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