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Justin Sun accuses Huobi’s founder’s brother of freeloading on HT token

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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.

The post Justin Sun accuses Huobi’s founder’s brother of freeloading on HT token appeared first on CryptoSlate.

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Pionex removes Huobi's market-making funds

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Singaporean crypto exchange Pionex announced that it removed Huobi’s market-making funds from its platform due to the gradually declining trading activity on the exchange.

The announcement states:

“Huobi Exchange’s trading activity on the platform has gradually decreased in recent months, and Pionex’s security team has also gradually reduced the aggregated market-making funds on the platform to maintain the financial security of Pionex users.”

Pionex is a crypto exchange that allows its users to automate their trading activities by using 12 built-in trading bots. It currently has 379 tokens available for trading. The exchange was banned by South Korea on Aug. 18, 2022, for being unregistered.

Huobi

Huobi was the largest crypto exchange in China when it decided to shut down business in the country in November 2021, which caused the exchange to lose momentum.

In October 2022, Huobi founder Leon Li sold his shares to Tron DAO founder Justin Sun, which corresponded to 60% of the company. In the same month, leading crypto exchange Binance‘s derivatives trading surpassed Huobi’s.

At the end of 2022, the crypto community was informed that Huobi was struggling with the bear market conditions and would cancel year-end bonuses while laying off half its workforce. However, Sun came forward and denied these claims on Jan. 2, 2023.

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Pi Network warns against Huobi's unauthorized Pi token listing

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On Dec. 29, crypto exchange Huobi Global announced the listing of Pi, the native token of the Pi Network. In the 24 hours following the announcement, the Pi token price surged 461.3% from $44.03 to $232.97 at the time of writing, according to CoinGecko data. In addition, the token price reached an all-time high of $307.49 on Dec. 30, data from CoinGecko indicates.

However, the Pi Network warned against listing its token on Huobi and other exchanges on Dec. 29. As per CoinGecko data, Pi is also currently available for trading on the centralized exchange XT.COM.

According to the Pi Network statement, its Pi token was listed “without the consent, authority or involvement of Pi Network.” It added that Pi is not approved by the network for trading or listing on any exchange.

Stating that Pi Network was not involved with any listings, the network asked Pi miners, called Pioneers, not to engage with the unauthorized listed tokens.

Pi Network clarified that its token is in an ‘Enclosed Network’ period, during which the trading of Pi on exchanges is “explicitly prohibited.” Therefore, trading Pi tokens on exchanges would violate Pi Network’s policies, it warned in the statement.

According to the network, the ‘Enclosed Network’ period is a strategic choice to focus on building ecosystem utilities and achieving mass KYC/migration. This is essential to building a viable ecosystem before the launch of the open mainnet, the network said.

Pi Network also said that it has requested the Pi listings to be taken down and is “evaluating additional actions concerning the third parties and exchanges.”

A Reddit user called Huobi’s Pi listing a “scam,” he said the Pi tokens could not be deposited into exchanges from the wallet. Therefore, the tokens are equivalent to a promissory note that the user claimed may or may not be honored.

“The actual price of PI is in cents,” the Reddit user wrote, adding, “It’s really shameful for Houbi to do something like this.”

The unauthorized Pi token reached a trading volume of $46.8 million on Huobi, becoming the most traded token on the exchange over the past 24 hours, CoinGecko data indicates. The fake Pi token also saw a $2.17 million trading volume over the past 24 hours on XT.COM, as per CoinGecko.

While Huobi and other exchanges will likely be forced to delist Pi, thousands of investors stand to lose millions cumulatively from listing the purported fake token.

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Huobi’s Stablecoin Is Alive Again, $5M HUSD Minted in Last Week – BeInCrypto

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