Sun Yuchen responds to HT's abnormal fluctuations: caused by a small number of users triggering a series of forced liquidations in the spot and futures markets

ChainCatcher news, Justin Sun tweeted in response to the HT abnormal fluctuations, "Huobi is safe and operating normally. The recent market fluctuations and leveraged liquidations are due to a small number of users triggering a series of forced liquidations in the spot market and HT contract market. Currently, all work is progressing steadily, and there have been no sudden incidents; these fluctuations are merely the result of market behavior."

Earlier, according to Huobi market data, within 6 minutes starting at 5:00 AM, the HT token rapidly dropped from 4.3485 USDT to 0.3138 USDT, with a decline of nearly 93% in 6 minutes. It then quickly rebounded, currently quoted at 3.8542 USDT, down 20.12% in 24 hours. Due to significant market fluctuations, ChainCatcher reminds investors to manage risks. (source link)