In a recent revelation, Justin Sun has accused Li Wei, brother of Huobi exchange founder Leon Li, of profiting illegally from the HT token sales. As the native utility token of the Huobi exchange, HT offers its holders significant trading fee discounts. Sun claims that Li Wei has received millions of HT tokens through “abnormal means,” and has been consistently selling and cashing out these tokens without making any substantial contributions to the community.
Responding to this situation, the HT Decentralized Autonomous Organization (DAO) governing the decentralized HT token (an ERC-20 token on the Ethereum blockchain) has decided to take remedial action. Sun mentioned that the DAO intends to negotiate with Li Wei for a refund of the tokens he has already cashed out and for the destruction of the remaining tokens in his possession.
Furthermore, the returned funds from Li Wei will be utilized to repurchase HT for destruction, with the destruction announced to the community and entered into the zero address. Sun stated that this action represents not only justice but also serves the best interests of everyone in the HT DAO community, emphasizing the importance of rewarding those who genuinely contribute to its growth and development.
Despite this news, the HT token remains unfazed, trading around $2.90 across major cryptocurrency exchanges. Nevertheless, HT is in a deep bear market, down nearly 18% for the month and approximately 44% for the year. Meanwhile, 2023 has been an exceptional year for other major blue-chip cryptocurrencies, such as Bitcoin and Ethereum, which may prove to be excellent long-term investments.
As investors diversify their crypto holdings, some might consider participating in crypto presales as a high-risk-high-reward investment strategy. This involves buying tokens of emerging crypto projects, which are usually sold at low prices, to fund their development. Historically, presales have delivered substantial exponential gains to early investors. Many of these projects boast talented teams and pioneering visions for revolutionary crypto applications/platforms.
Identifying these potential ventures may yield promising
Source: Cryptonews
