Justin Sun, member of the advisory board of Huobi, the largest cryptocurrency exchange in Asia, made statements about the 13x upward movement after the 95% drop in the exchange’s local token, HT, and clarified the issue.
Huobi’s native token HT, Asia based cryptocurrency exchange to KuCoin opened from the USA case Pump-dump suffered after the news. by the New York Attorney General Open to KuCoin unregistered securities and commodities Ethereum was considered a security by the regulatory agency in the sale lawsuit.
With the decline in the market after this news, HT, The highest level in the last 24 hours on Huobi 4.81 from dollar levels 0.30 up to dollar levels drop by living to 95% suffered a near loss of value. again shortly after 4.03 HT rising to dollar levels, 13x ascent performance showed.
Statement from Justin Sun
Justin Sun made statements about the pump-dump that took place shortly after the incident. sun March 10 Posted on his official social media account on in the statementHe said that Huobi is continuing its operations, that user assets and the platform are safe.
According to the advisory board member’s statement, the recent market fluctuation in HT was caused by the forced liquidation of a few users. HT price, in a row triggered purges as a result quickly after regression then it was back to normal. Sun also reported that this situation not to happen again for various measures users that will committed found.
On the other hand, on-chain analytics platform Kaiko’s researcher Riyadh Carey during the price movements in HT. 2 million against dollar sales volume 600 thousand dollar trading volume reported that it happened. In addition, the average HT market value over the period 773 million from dollars 353 million falling to the dollar to 55% close drop displayed was recorded.