There are falls, there are crashes… and there are vertical and sudden collapses, such as the one experienced this night by the Huobi Token (HT), from the exchange of the same name. A crypto asset that suddenly saw the ground slip away from under his feet last night causing him to lose – nearly – all its value in the space of a minute. No worries, Justin Sunexchange boss quickly came on Twitter to explain that everything was fine…
Sudden collapse of the Huobi Token (HT)
So of course, waking up is difficult for everyone. Bitcoin loses $20,000the entire crypto market is struggling and most altcoins are conceding between 5 and 10% losses on average over the last 24 hours.
But nothing comparable to the organ descent below, suffered by the Huobi Token (HT), active-house of the crypto exchange of the same name.
At the start of the night, the HT token (800 million dollars in marketcap, all the same) suddenly fell from $4.81 to $0.31, on its own platform.
This fall of more than 90% was however quickly followed by a large rebound. However, the Huobi token remains down nearly 20% over the past 24 hours.
Justin Sun to the rescue
As is customary in such circumstances, it did not take long to see the boss of Huobi Global, Justin Sun, arrive on Twitter in firefighter mode.
“Huobi Global’s operations are SAFE, the wallets are SAFE, and the backend is SAFE. The recent market swings and leveraged liquidations were caused by a few users triggering a cascade of forced liquidations in the spot and HT contract markets.”
Users of the Huobi platform and holders of HB tokens will probably be reassured to find that “a few users” using the tools of said platform are able to collapse their favorite asset. Justin Sun, however, wants to be reassuring and assures in the following of his messages that he is preparing to put in place “a liquidity fund with an investment of US$100 million. »
Even if this morning, the general atmosphere on the crypto market is gloomy, the misfortune experienced by the Huobi Token could leave traces. And this especially when Huobi is about to take its first steps in Hong Kong.
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