Sun Yuchen accused the family of Li Lin, the founder of Huo Coin, of being involved in a huge crash, and Li Lin responded by saying that Huo Bing should provide evidence

Interface News Reporter | Si Linwei

The new and old conversations on the popular cryptocurrency trading platform suddenly conflicted.

On May 16th, Sun Yuchen, a global advisor to Huobi, posted on social media that the younger brother of Li Lin, the founder of Huobi (formerly known as Huobi), was suspected of obtaining a large amount of zero cost HT (platform currency of Huobi Exchange) through abnormal means, and engaged in massive selling and withdrawal. Huo Coin founder Li Lin subsequently responded on his Moments, stating that Huobi should provide evidence and that if it is true, he will compensate Huobi users with 10 times the HT.

Sun Yuchen tweeted on the afternoon of May 16th Beijing time: Li Lin's younger brother, Li Wei, has obtained a large amount of zero cost HT through abnormal means multiple times. In history, he has repeatedly sold and made huge withdrawals on the Huo Coin platform, which not only tarnished Li Lin's accumulated reputation in China for many years, but also damaged the interests of everyone in the HT community. Through the Huo Coin Global Advisory Committee and HTDAO community resolution, Li Wei's zero cost HT obtained will be recovered and destroyed, and the destruction of HT will be announced in the HT community. For such behavior, we will never Palliating

At the same time, he said, "When HT was first issued, LeonLi's younger brother Li Wei received millions of HT tokens for free. Li Wei has been constantly selling these HT tokens to cash in. Now the HTDAO committee is intervening to rectify this issue. We plan to negotiate a refund with Li Wei and arrange for the destruction of his remaining HT tokens. This is not only about justice, but also in the best interests of everyone in the HTDAO community

Subsequently, The founder of HuoCoin, Li Lin, responded on his Moments: "Regarding the claim that my younger brother Li Wei obtained HT through abnormal means (including in history), I hope HuoBi can provide evidence. If it is confirmed that the zero cost HT was obtained through illegal means, I will personally compensate HuoBi with 10 times the HT. If it is not true, I hope HuoBi can return the user's legal assets. I believe this should be a misunderstanding and hope that HuoBi's future will be better

Regarding the above debate, the cryptocurrency trading platform Huobi told Interface News that there is currently no response.

Huobi Exchange, formerly known as HuoCoin, is one of the world's largest cryptocurrency trading platforms, founded by serial entrepreneur Li Lin. On October 8, 2022, Huo Coin Global Station "Huobi Global" announced that the controlling shareholder company of Huobi Global has transferred all its shares in Huobi Global to funds under Baiyu Capital, and Baiyu Capital's merger and acquisition fund has become the largest shareholder and actual controller of Huobi Global.

This means that Li Lin, the founder of Fire Coin, has withdrawn all shares. At that time, he said "goodbye" through social media, stating that he is no longer a shareholder of HuobiGlobal and does not directly or indirectly have any authority over HuobiGlobal.

Subsequently, Huo Coin established a global advisory committee, among which Sun Yuchen, the founder of Bo Chang, became a member and essentially became the new spokesperson for Huo Coin. However, Sun Yuchen denied several times that he had invested in purchasing Huo Coin shares.

In November 2022, Huo Coin was renamed "Huobi". According to Sun Yuchen, after Huo Coin officially withdrew from Chinese Mainland, it lost 30 billion dollars in assets in just one year. CoinGecko data also shows that as of now, the trading volume of platforms including Coin, Coinbase, and Ouyi has exceeded that of Huocoin.