Justin Sun's Huobi Token Down After Whopping 1,000% Surge In Seesaw Trade: What's Happening?

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.

See More: Top Indian Apps That Give Bitcoin, NFT Rewards

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. 

Read Next: Bitcoin Slumps To $20K, Ethereum, Dogecoin Shiver On Biden's New Crypto Tax Scheme