Justin Sun Reassures Huobi Users After HT Slides Over 50%

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Justin Sun confirmed a transfer of $100 million in USDC to Huobi just after 04:25 UTC, or 11:27 AM Hong Kong time.

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The $100 million fund is created to protect against abrupt drops of the HT token.

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Justin Sun explained that the rapid drop and then rebound of Huobi Token was caused by "leveraged liquidation on the market caused by a few users.

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This comes amid a broader crypto market correction as $307 million in positions across the market were liquidated amid Silvergate liquidation.

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“We will continue to improve the liquidity depth of main cryptocurrencies and HT token, strengthen leverage risk warnings and liquidity capabilities,” Sun reassured.

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More than $2 million of HT tokens were sold on Huobi in the span of a few minutes Thursday ahead of a slump in the coin’s price.

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At the time of writing, Huobi Token is trading at $3.88, still 20% down in 24 hrs. At one point, HT was trading at $1.88.

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