Huobi ecosystem decentralization involving Justin Sun, HT token burn worth 12.1 billion yen

HT token burn

On the 18th, crypto asset (virtual currency) exchange HTX established the decentralized autonomous organization HTX DAO as part of its decentralization plan, and subsequently issued the governance token HTX. HTX is an exchange that was acquired by TRON founder Justin Sun and underwent a rebranding in September 2023.

As part of the establishment of HTX DAO, the Huobi token HT (41 million HT, equivalent to approximately 12.1 billion yen) held by the Huobi team was burned. The HTX exchange encourages users to exchange HT tokens for HTX tokens.

The HTX DAO ecosystem consists of “HTX Exchange” (the liquidity provider), “TRON” (the technology platform), and “X” (the project entity as a symbol of change and possibility). HTX will donate 50% of its platform revenue to the HTX DAO ecosystem, and TRON will do the same, subject to funding.

Furthermore, the long-established exchange Poloniex, which was acquired by investors including Justin Sun, is also participating in the construction of HTX DAO and donating a portion of the platform profits, expanding the HTX DAO ecosystem.

In the future, HTX DAO will work with TRON to promote the arrival of a decentralized world and aim to provide convenience to users around the world through the construction of a metaverse.

Justin Sun has expressed his desire to transform Huobi into a decentralized, democratic and autonomous exchange. Furthermore, the TRON network declared complete decentralization in December 2021, and has established itself as an important payment network, with TVL exceeding $7.6 billion.

connection:Cryptocurrency exchange Poloniex hacked, leaking over $100 million

Some see a connection with the hacking incident

Some crypto users have pointed out a connection between the HTX and Poloniex hacking incident last November and the recent rebranding and token burn. On November 10th last year, hackers stole approximately $114 million (approximately 16.5 billion yen) from the Poloniex hot wallet and approximately $97 million (approximately 14 billion yen) from HTX and blockchain protocol HECO Chain. There was an incident.

Justin Sun, owner of HTX and Poloniex, said that assets held on these exchanges are “100% safe.” However, there are concerns among some cryptocurrency users that rebranding and token burning may have been carried out to reduce or conceal the impact of the hacking incident. Masu.

connection:Cryptocurrency exchange HTX (formerly Huobi), illegally leaked 1.2 billion yen worth of Ethereum

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