Conflict Intensifies Among Chinese Crypto Giants: "Embezzled $30 Million" vs "Irresponsible Remarks Mislead the Market"

Justin Sun, Founder of Tron, and Li Lin, Founder of Huobi

The conflict among prominent figures in the Chinese cryptocurrency industry is intensifying. Previously, Justin Sun (left), founder of Tron (TRX), made remarks targeting Li Lin (right), founder of Huobi, and Li Lin also launched sharp criticisms towards Justin Sun.

On the 5th, Justin Sun posted a promotional message about his stablecoin USDD on his X (Twitter) account. In the post, Sun stated, "USDD is a truly Zero Permission, Zero Trust, decentralized stablecoin," and added, "Some say a 20% annual interest rate is too high, but a reliable decentralized stablecoin is desperately needed."

However, the problem arose when Sun revealed an anecdote between him and Huobi founder Li Lin to emphasize the credibility of USDD. He exposed, "USDD will pay all interest to Li Lin if he uses it," and added, "Those who know are aware that Li Lin concealed due diligence materials and committed internal fraud amounting to $30 million. I lent him $30 million afterward, but he did not return it."

In response, Li Lin, founder of Huobi, immediately reacted. Li Lin refuted, "The financial irregularities at Huobi mentioned by Justin Sun were misunderstandings caused by discrepancies in the data," and stated, "I have paid all the money to Justin Sun." He further explained, "The $30 million gap mentioned by Justin Sun was caused by margin calls when the exchange operated leveraged trading," and added, "This falls within the scope of normal financial processing."

Finally, founder Li Lin criticized Justin Sun, saying, "Despite differences in opinion, making unilateral statements unfavorable to the other party using media influence can mislead the market and investors, and disrupt operations," and urged, "I request that disputes be resolved through reasonable and legal means."