George Miller
Justin Sun, the founder of TRON and a member of the HTX Global Advisory Board, has expressed concerns regarding the sale of co-founder Li Lin’s share in the cryptocurrency exchange Huobi, now known as HTX, alleging that the transaction was compromised.
Conflict Between Justin Sun and Li Lin Regarding Huobi
In a recent social media update, Sun commented: “People who are informed about the events know that Li Lin misrepresented the due diligence documents and created a $30 million internal discrepancy. When I uncovered this misconduct, he did not confess and did not reimburse any amount.”
USDD这次真的零门槛，零权限，完全去中心化，有人说20%年化利息高，其实在我看来，币圈真心缺一个零信任去中心化稳定币，永不冻结，放心用的，我自己做稳定币很久了，真心明白这个痛点！而且我宣布，就算李林来用，都能全身而退，USDD利息一分不少会给他！熟悉内情的人都知道，李林当时隐瞒尽调材料，…
— H.E. Justin Sun (@justinsuntron) February 4, 2025
Sun noted that he had to provide financial support to cover this loss, adding, “At that time, I was fortunate to have funds available.”
These statements came as part of Sun’s promotion of USDD, especially with the upcoming launch of a new iteration, USDD 2.0, which he claims will offer a 20% annual percentage yield on staking. In his post, Sun highlighted that USDD is centered on decentralized stablecoins and lacks a freezing feature. He asserted that users can issue tokens independently and receive interest directly without middlemen, with the additional advantage of being able to trade USDD for USDT without incurring any losses.
The Rift Between Sun and Li
The animosity between Sun and Li traces back to May 2023, when Sun accused Li’s brother, Li Wei, of acquiring substantial amounts of Huobi’s native HT tokens through dubious means without payment. In June of the same year, Li Lin initiated legal action against Huobi Global in Hong Kong, declaring that his firm, X-Spot, retained the rights to the Huobi trademark even after selling his shares.
In the wake of these controversies, Li Lin co-founded New Huo Technology Holdings, which operates as a digital asset service platform.