Justin Sun, the founder of TRON and one of the most controversial names in the cryptocurrency world, stated in his statement that all HT tokens held by him and the Huobi team were burned.
Sun announced that they burned 41 million HT tokens in total. This means a close to $ 75 million based on the current price of $ 1.84.
These burns actually originate from the HTX DAO project recently shared by Sun. Sun reported that the HT token will now turn into HTX tokens and the HTX DAO, a decentralized organization, will be established. It is anticipated that the same amount of HTX tokens will be minted as the HT tokens burned by Sun.
Cryptocurrency exchange Huobi was recently rebranded as HTX under Sun's leadership. However, there are also those who are skeptical about the conversion of HT tokens to HTX tokens. Some cryptocurrency users claimed in their statement that Sun wanted to take such a step due to the hacking incident in the HT ecosystem.
Users are actively encouraged to convert HT tokens to HTX tokens on Sun's exchanges.
Recently, HT token, HTX and Poloniex cryptocurrency exchanges faced a hack attack and users' HT deposits and withdrawals were suspended. However, Sun reported that both Huobi and Poloniex remain financially sustainable.
*This is not investment advice.
