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Huobi crypto exchange’s native token HT HT/USD was down over 18% on Thursday evening, following wild swings earlier in the day.
What Happened: At 3:45 pm EST, HT was at an all-time high of $4.70. Just 25 minutes later, it plummeted 90% to $0.30 and by 6:00 pm, the price jumped to $3.96.
HT’s decline saw over $200 million getting wiped out an hour, but then the cryptocurrency saw an over 1000% surge minutes after.
As of 10:57 EST, HT was down 18.48% at $3.95, according to CoinMarketCap.
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Justin Sun, who is leading Huobi Global said, “We deeply apologize for the impact of the leveraged liquidation on the market caused by a few users.”
“In order to further improve the multi-currency liquidity of the Huobi Global platform, we will set up a liquidity fund with an investment of 100 million U.S. dollars,” he added.
Likely Trigger? Lookonchain, an on-chain data analytics platform, revealed that Sun on Thursday withdrew a massive amount of stablecoins from Huobi, amounting to a total of $80 million. Of this sum, 40 million USDT, 20 million USDC and 20 million USDD were taken out and then deposited into Aave and JustLend platforms.
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Image and article originally from www.benzinga.com. Read the original article here.