So what happened to those Justin Sun tokens on FTX prior to bankruptcy?

[adaseb]

Remember when Justin Sun stepped in and was going to burn the tokens on FTX and get them creddited on Huobi. There was even a blog posted on FTX how they had an agreement and if you bought 1 HU token on FTX, it would get burnt by Justin Sun and you would get that same 1 HU token creditted on Huobi.

When word got out, the tokens skyrocketed in value only on FTX. So if you bought at the inflated prices you got maybe 20 cents on the dollar. But the problem was that the exchange shut down shortly after and no idea if any HU or other Justin Sun tokens got burnt.

So what happened exactly? Most of the twitter posts are in Chinese and I can't understand.

[malcovi2]

Remember when Justin Sun stepped in and was going to burn the tokens on FTX and get them creddited on Huobi. There was even a blog posted on FTX how they had an agreement and if you bought 1 HU token on FTX, it would get burnt by Justin Sun and you would get that same 1 HU token creditted on Huobi.

When word got out, the tokens skyrocketed in value only on FTX. So if you bought at the inflated prices you got maybe 20 cents on the dollar. But the problem was that the exchange shut down shortly after and no idea if any HU or other Justin Sun tokens got burnt.

So what happened exactly? Most of the twitter posts are in Chinese and I can't understand.

Why would you trust Justin Sun?

Justin Sun promised that he will peg his USDD to $1 but until now he isn't willing to use his money to peg it back. Justin Sun's most of his projects ended up failure wink, trondex, Sun, and soon to follow USDD.

Never trust Justin Sun he will likely going to get every cents out of you.

[adaseb]

Yes I know that but I am wondering how this bankruptcy is going to affect those that bought those coins and whether he was true to his word and credited an equal amount on Huobi exchange and burn them.

They had like a 80% haircut and if FTX comes back online and every account is opened with a 50% haircut what happened to those which converted their entire balance to his coins losing 80% and then losing another 50% and being stuck at 90% loss?

[JeromeTash]

I have tried to search about HU tokens but there seems to be no information. Maybe I am bad at searching

All I could come across is this article - Huobi to provide trading services to FTX users who hold TRON tokens (TRX, JST, BTT, SUN) and HT

Regardless, Justin Sun is part of the scam syndicate, I would never trust his word.

[adaseb]

Basically he had this idea where he wanted the Justin Sun token holders to come out whole and would burn all the tokens held on the FTX exchange and create new ones and credit those on Huobi exchange. His tokens are centralized so this is clearly possible and it would benefit his other exchange.

Which would of been good for the current holders of his tokens however many saw it as a way out and the price of the tokens went up by 4-5x. So if you didn’t own the tokens before the announcement you would have to take a haircut.

And I am wondering if this actually took place or did people buy those tokens for no reasons and later it shut down.