There is an ongoing debate on platform X between Justin Sun, a shareholder of the cryptocurrency exchange HTX, and Li Lin about the 2022 sale of Li Lin’s share in the company.
Justin Sun's Allegations
In a recent post on platform X, Justin Sun alleged that Li Lin concealed crucial financial documents, leading to an internal funding gap of $30 million. Sun claims that Li attempted to dodge repaying the debt to the company Black, forcing him to lend money to cover the loss at that time.
Li Lin’s Position
Li Lin refuted these allegations, explaining that the alleged funding gap was due to extreme market conditions affecting the exchange's margin trading business. He claims that the issue has been resolved through HTX’s revenue and expressed a preference to handle the matter through Hong Kong’s legal framework rather than social media.
History of the Dispute
The October 2022 sale of Li Lin’s share in HTX has been filled with controversies. In May 2023, Justin Sun accused Li Lin's brother, Li Wei, of acquiring a large amount of HT tokens improperly, pledging to recover and destroy them, though admitting Li Wei had sold them. In June 2023, Li Lin took legal action against Huobi Global in Hong Kong, asserting that his company X-Spot had rights to the Huobi trademark, despite having sold his shares in the exchange. Li Lin later co-founded New Huo Technology Holdings, while Justin Sun faced legal issues with the SEC in March 2023 for, allegedly, selling crypto securities and invested over $30 million in World Liberty Financial in November 2024.
The situation between Justin Sun and Li Lin remains tense, illustrating the complexities within the cryptocurrency sector involving numerous legal and financial issues.
