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

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.

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.

— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 16, 2023

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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