Huobi Global token (HT) plunged by 93% on 10 March 2023 on almost every crypto exchange.
Huobi Global is a popular crypto exchange. Initially, this exchange was launched as a Chinese crypto company but after the China crypto blanket ban in 2021, the company shifted its headquarters & operations outside China. Over a couple of months, this exchange grabbed huge negative popularity because of rumours.
On 10 March 2023 at around 21:00 UTC, HT, a native token on the Huobi crypto exchange, plunged suddenly within a couple of minutes by 93% on all the crypto exchanges.
A crypto Twitter user noted that a downfall in the price of HT tokens took place because of the $2 million worth of HT tokens sales within 5 minutes.
After that downfall, the HT token suddenly started to recover but failed to compensate against the downfall fully.
The current trade price of the HT token is $3.90, which was $0.31 at a 93% crash.
So far crypto investigators are trying to find out the main reason behind this incident. A few crypto Twitter users claimed that it was a part of price manipulation by some whales to secure HT tokens at discount.
Huobi & controversy
Around a half year ago, popular crypto personality & founder of multiple crypto projects Justin Sun became a advisor at the Huobi exchange.
Few reports noted that Justin purchased a significant stake in the Huobi crypto exchange but he never admitted such claims.
Just a few months ago, reportedly Huobi was trying to force all the employees to pay salaries in stablecoins citing the bad financial position of the company but Huobi revoked all such reports & clearly said it was only FUD.