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Justin Sun Makes Serious Claims About Huobi’s Founder’s Brother

justin sunmakes serious claims about huobis founders brother

Tron creator and big Huobi investor Justin Sun recently made serious claims against the Huobi founder’s brother. By acquiring and reselling millions of Huobi Tokens at no cost Wei allegedly earned enormous profits.

According to Justin Sun, Li Wei Acquired Huobi Token without Paying

As of the 16th of May, Sun used his official Twitter account to decode key information on the Huobi exchange where he serves on the advisory board. The Tron creator says that Li Wei, the brother of Huobi’s founder Li Lin made many unauthorized purchases of Huobi Token (HT). Sun also alleged that Li Wei was peddling HT tokens for massive gains.

Sun said that he would discuss repayment with Wei and that any unused tokens would be destroyed.

Sun harshly criticized Wei claiming that the Li Lin was useless to the HT community. He also stressed that he would prioritize those who help and benefit the HT community. Sun further warned that the burnt tokens would be made public knowledge within the HT community.

justin sunmakes serious claims about huobis founders brother 2

Huobi Token’s Price Supports Justin Sun’s Claims

Conversely, the price of HT mirrored Justin Sun’s lofty claims . It is common knowledge that HT has been declining during the last week . The stock price of HT rose in response to Sun’s comments . Justin Sun’s assertions helped Huobi Token recover 3 percent of its value after it dropped by over 43 percent in the previous week.

Finally, Huobi Token has a market cap of $475 million as of right now, according to information provided by Coinmarketcap. At the time of this article’s writing the price of Huobi Token was $2.93.

A Reminder: Insider Trading Is a Crime

Insider trading is when someone buys or sells stocks based on private information that isn’t available to the public . This is illegal because it can lead to bad things . It hurts justice and equal access in the financial markets because insiders get an unfair edge over other buyers . This practice hurts the credibility of the market which can lead to imbalances and possibly dishonest deals . Insider trading hurts investor trust in the markets’ openness and fairness which can hurt market activity as a whole . It’s also a breach of professional responsibility, since employees are supposed to do what’s best for the business and its owners .

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