TRON founder and HTX Global Advisory Board member Justin Sun has alleged irregularities in the sale of co-founder Li Lin’s stake in the cryptocurrency exchange Huobi (now HTX), which sullied the transaction.
Justin Sun and Li Lin’s Huobi Saga
Sun stated in a social media post: “Those familiar with the situation know that at that time, Li Lin concealed the due diligence materials and created a $30 million hole internally. When I discovered the sabotage, he was caught red-handed, refused to admit it, and didn’t return a single cent.”
USDD这次真的零门槛，零权限，完全去中心化，有人说20%年化利息高，其实在我看来，币圈真心缺一个零信任去中心化稳定币，永不冻结，放心用的，我自己做稳定币很久了，真心明白这个痛点！而且我宣布，就算李林来用，都能全身而退，USDD利息一分不少会给他！熟悉内情的人都知道，李林当时隐瞒尽调材料，…
— H.E. Justin Sun 🍌 (@justinsuntron) February 4, 2025
As a result, Sun said he had to lend the company money to cover the loss, adding, “Fortunately, I had money back then.”
Sun made these revelations while posting about USDD amid TRON’s plans to launch a new version, USDD 2.0—which promises a 20% APY on staking. In a roughly translated post, Sun emphasized that USDD focuses on decentralized stablecoins and does not have a freezing function. He claimed that all users issue the tokens themselves, with interest paid directly without intermediaries, and that USDD can be exchanged with USDT without any loss.
Sun and Li Fallout
The fallout between Sun and Li dates back to May 2023, when Sun accused Li’s brother, Li Wei, of acquiring a large quantity of Huobi’s native HT tokens at no cost “through improper means.” In June 2023, Li Lin filed a lawsuit against Huobi Global in Hong Kong, claiming his company, X-Spot, owned the rights to the Huobi trademark despite selling his shares.
Following the dispute, Li Lin went on to co-found New Huo Technology Holdings, a digital asset service platform.
Also Read: Tron, Movement Protocol Refutes Token Swap With World Liberty Financial
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