Huobi Moves to Recover and Destroy Illegitimate Zero-Cost HT Tokens

  • HT DAO community joins forces to recover and destroy the illicitly obtained tokens.
  • The move aims to protect the HT DAO community’s interests and promote fairness.

Huobi Global, one of the leading crypto exchanges, has taken decisive action to rectify an issue involving a DAO member Li Wei, who acquired a significant amount of zero-cost HT tokens through abnormal means.

The Huobi exchange advisor Justin Sun posted the update on Twitter today, noting that Li Wei has been accused of selling HT tokens on the Huobi platform, amassing substantial profits. In light of this misconduct, the Huobi Global Advisory Committee and the HT DAO community have jointly decided to recover and destroy the ill-gotten HT tokens.

The decision to initiate the recovery process and destroy the HT tokens was made with the primary objective of safeguarding the interests of the HT DAO community. Huobi Global plans to negotiate with Li Wei to arrange for the return of the remaining HT tokens and subsequent destruction.

Notably, Li Wei received millions of HT tokens for free during the initial distribution. However, he consistently sold off the tokens instead of contributing to the HT DAO community, extracting substantial profits.

Recognizing the importance of fairness and rewarding genuine contributions, the HT DAO committee deemed it necessary to intervene. As part of the recovery process, the HT DAO community will request Li Wei to return the profits from the previous sale of HT tokens.

The funds will be utilized to repurchase HT tokens, which will then be destroyed. Notably, the crypto community considers the decision to recover and destroy the zero-cost HT obtained by Li Wei as a commitment to fairness and accountability within the HT community.

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