On social media X, there is an ongoing debate between Justin Sun, a shareholder of the cryptocurrency exchange HTX, and Li Lin, focusing on the 2022 sale of Li Lin’s share in the company.
In a recent post on X, Sun alleged that Li Lin concealed important financial documents, that have created a $30 million internal funding gap. He also said that after exposing the issue, Li attempted to avoid paying the amount owed to Black, forcing Sun to lend money to cover the loss at that time.
Li Lin has refuted this allegation and explained that the alleged funding gap was a result of extreme market conditions affecting the exchange’s margin trading business, not any deceptive actions.
He maintains that the issue has been addressed through HTX’s revenue and has shown a desire to resolve the matter rather than through Hong Kong’s legal processes rather than through social media disputes.
The October 2022 sale of Li Lin’s share in Huobi has been fraught with controversy. In May 2023, Justin Sun accused Li Lin’s brother, Li Wei, of obtaining a large amount of Huobi’s native HT token without paying for it, allegedly through improper means, in a now-deleted post on X. Sun vowed to recover and destroy the HT tokens, even though he also claimed that Li Wei had sold them.
In June 2023, Li Lin took legal action against Huobi Global in Hong Kong, asserting that his X-Spot company owned the rights to the Huobi trademark, despite having sold his shares in the exchange.
After leaving Huobi, Li Lin co-founded New Huo Technology Holdings, a digital asset service platform. Harvard recognized him as the 39th most generous philanthropist in China.
Meanwhile, the U.S. Securities and Exchange Commission sued Justin Sun for selling alleged crypto securities in March 2023. Also, he has invested over $30 million in World Liberty Financial, a cryptocurrency venture supported by President Donald Trump and his family, where he serves as an adviser.
Also Read: Justin Sun Denies Ethereum Selloff Amid HTX Deposit
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