In 2023, Justin Sun acquired the Huobi exchange from Li Lin, which is now known as HTX.
According to my investigation, in order to recover the capital used for the acquisition, he allegedly carried out a targeted liquidation of large HT token holders.
On that day, HT reportedly crashed from around $4.30–$4.80 to as low as $0.31 within approximately 6–10 minutes — a decline of roughly 90%+ — before rapidly rebounding to around $3.60–$3.90.
Tens of thousands of users were reportedly affected.
Afterward, Justin Sun publicly claimed that affected users would be compensated. However, according to my investigation, only smaller accounts were compensated, while users who suffered losses exceeding $100,000 allegedly received no compensation.
One reported case involved a Taiwanese user whose position was liquidated for approximately $50 million.