Cryptocurrency billionaire Justin Sun has declared that a significant amount of altcoins has been burned by his team.
The founder of TRON, Justin Sun, announced that all HT tokens held by him and the Huobi team have been burned.
Sun revealed that a total of 41 million HT tokens were burned, equivalent to nearly $75 million at the current price of $1.84.
This burning initiative stems from the recent HTX DAO project shared by Sun. He informed that HT tokens will now be converted into HTX and HTX DAO, a decentralized organization.
It is speculated that the quantity of HTX tokens will match the amount of HT tokens burned by Sun.
The cryptocurrency exchange Huobi has recently been rebranded as HTX under Sun’s leadership.
However, there are skeptics about the conversion of HT tokens to HTX. Some cryptocurrency users claim that Sun is taking this action due to a hack incident in the HT ecosystem.
Users are encouraged to actively convert HT tokens to HTX on Sun’s exchanges.
Recently, cryptocurrency exchanges HT, HTX, and Poloniex faced a hacking attack, leading to the suspension of user HT withdrawals. However, Sun reported that both Huobi and Poloniex remain financially stable.
