Author: Song Song

2025 Just now, two bigwigs in the currency circle, Justin Sun and Li Lin There was another air exchange of fire around "30 million US dollars". This dispute is also the latest article in the two's dispute over the years.

The cause of the incident is that Justin Sun has recently been selling his "high interest" stablecoin product USDD on the community and X, and acted as a customer service. Answer people's questions and questions. In order to ensure the reliability of USDD and allow users to use it with confidence, Justin Sun posted on X on February 5 that even if "Li Lin comes to use it, he can get out of it without hesitation, and the USDD interest will be given to him a lot!" The big melon of "30 million US dollars hole".

Yuchen Sun said that Li Lin concealed due diligence materials when selling Huobi (now HTX) to him in 2022, and his financial status at the time of delivery was very different from expectations. The large, the internal hole of $30 million was not resolved, which forced him to provide emergency financial support to the company and spend money to make it up.

Li Linzhe posted a long article to respond that both parties were in the process of HTX delivery in October 2022 There are differences in the calculation methods of user assets. The "30 million US dollars fund hole" mentioned by Justin Sun is actually a position cut caused by the extreme market conditions when the exchange operates the margin trading business, and the company's revenue has completed the financial processing, so it should not be Deemed as an undisclosed "financial loophole".

The delivery contract is subject to Hong Kong law, and Li Lin expressed his willingness to make a fair ruling through the Hong Kong court or a third-party arbitration institution rather than unilaterally judged on social media. It will "mislead the market and investors".

Sun then responded again that he had filed a lawsuit in Hong Kong, and that "the money owed will continue to be pursued. discuss". Li Lin has no response yet.

In fact, this is not the first time the two have met. The grudge between Sun and Li began shortly after Huobi was sold.

In October 2022, Li Lin's sale of Huobi shares was controversial. In May 2023, Justin Sun in a post on X (now deleted)Li Lin's brother Li Wei is suspected of obtaining a large number of Huobi native HT tokens without paying through improper means and has been sold. Justin Sun vowed to recover and destroy these HT tokens.

In June 2023, Li Lin filed a legal lawsuit against Huobi Global in Hong Kong, claiming that his X-Spot company owns Huobi's trademark rights. The court ultimately ruled that the exchange was not allowed to use the Huobi name. Nowadays, with the popularity that the two of them have once again attracted, Justin Sun launched a two-hour Space on X, with the highest number of viewers reaching 12,000. Although everyone went to watch with a melon-eating mentality, Justin Sun did not mention the grudges between him and Li Lin too much, but instead promoted and introduced them around USDD.

This also makes many people suspect that Justin Sun's revelation this time may just be to attract a wave of traffic to his products and increase USDD's attention.

But in any case, Justin Sun's revelations once again made people doubt Huobi's financial and operating conditions. Not long ago, Binance Labs (now renamed Yzi labs, independently operated) was accused by industry insiders of suspected major "internal corruption" and had problems such as "transfer of interest on currency listing" and "neck-related transactions".

The problems exposed by these two large exchanges have made people increasingly distrust the industry in terms of risk management and corporate governance. After all, as large leading exchanges, their financial transparency and internal operations should be subject to strict scrutiny, and this is the case, let alone other small exchanges and companies?