March 23, 2023

Huobi Exchange’s Native Token Crashes by 90% in 10 Minutes

On Thursday, Huobi Exchange’s native token, HT, experienced a flash crash, dropping by 90% from $4.6 to $0.31 in just 10 minutes. Although the price has since recovered, HT was still down by almost 20% over the past day and was currently trading at $3.81.

Other crypto-assets linked to Tron’s founder, Justin Sun, also suffered losses. TRX, for example, fell by over 12% in the past 24 hours from $0.066 to $0.057.

Despite the sudden drop, Huobi’s operations are safe, according to the exchange’s executive. The incident was dismissed as normal market behavior.

Sun, who is the largest holder of the HT token, apologized for the market fluctuation caused by a “few users triggering a cascade of forced liquidations in the spot and HT contract markets.”

The executive plans to establish a liquidity fund with a $100 million investment to assist those affected by the leveraged liquidation on the market. He also confirmed a…

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