Sai x Keith
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Xai
Let's eat some melons together today:
Summary: Li Lin's response to Mr. Sun Yuchen's recent remarks
1. Regarding the different understandings of asset calculation methods during the delivery process
Li Lin stated that during the delivery of HTX (formerly Huobi) in October 2022, there were significant differences between both parties regarding the calculation methods of user assets. He emphasized:
• At the time of delivery, negative asset users were excluded according to industry practices to ensure that the total user assets calculated were more in line with reality.
• The delivery accounts are fully archived and have been submitted to Sun Yuchen's team for independent audit verification.
• The main reason for the misunderstanding is that two years have passed since the delivery, and there have been significant changes in core personnel and financial data, rather than “concealing allocations” or “funding holes.”
2. Regarding the so-called “funding hole”
Li Lin clarified that the “30 million USD funding hole” mentioned by Sun Yuchen is actually due to forced liquidation caused by extreme market conditions in leveraged trading:
• Exchanges typically pursue claims against users, and when recovery is not possible, it is covered by business income, which does not constitute a “funding gap” or “concealed assets.”
• Huobi had completed financial processing before delivery, and the delivered assets fully covered user assets; thus, there is no so-called “funding hole.”
3. The delivery contract is governed by Hong Kong law and supports legal arbitration
• This delivery contract was signed and executed in Hong Kong and is governed by Hong Kong law.
• In case of disputes, Li Lin supports arbitration through Hong Kong courts or third-party arbitration institutions, rather than public disputes on social media.
4. Opposition to irresponsible remarks
• Believes that Sun Yuchen, in the absence of clear facts and with existing disagreements, unilaterally made adverse remarks using media influence.
• Considers this damaging to his business reputation and potentially misleading the market, affecting industry order.
• Requests Sun Yuchen to cease such actions and resolve disputes through legal means.
Finally, Li Lin calls for respect for contracts and law and wishes friends from all walks of life a Happy New Year.
$XAI
Let's eat some melons together today:
Summary: Li Lin's response to Mr. Sun Yuchen's recent remarks
1. Regarding the different understandings of asset calculation methods during the delivery process
Li Lin stated that during the delivery of HTX (formerly Huobi) in October 2022, there were significant differences between both parties regarding the calculation methods of user assets. He emphasized:
• At the time of delivery, negative asset users were excluded according to industry practices to ensure that the total user assets calculated were more in line with reality.
• The delivery accounts are fully archived and have been submitted to Sun Yuchen's team for independent audit verification.
• The main reason for the misunderstanding is that two years have passed since the delivery, and there have been significant changes in core personnel and financial data, rather than “concealing allocations” or “funding holes.”
2. Regarding the so-called “funding hole”
Li Lin clarified that the “30 million USD funding hole” mentioned by Sun Yuchen is actually due to forced liquidation caused by extreme market conditions in leveraged trading:
• Exchanges typically pursue claims against users, and when recovery is not possible, it is covered by business income, which does not constitute a “funding gap” or “concealed assets.”
• Huobi had completed financial processing before delivery, and the delivered assets fully covered user assets; thus, there is no so-called “funding hole.”
3. The delivery contract is governed by Hong Kong law and supports legal arbitration
• This delivery contract was signed and executed in Hong Kong and is governed by Hong Kong law.
• In case of disputes, Li Lin supports arbitration through Hong Kong courts or third-party arbitration institutions, rather than public disputes on social media.
4. Opposition to irresponsible remarks
• Believes that Sun Yuchen, in the absence of clear facts and with existing disagreements, unilaterally made adverse remarks using media influence.
• Considers this damaging to his business reputation and potentially misleading the market, affecting industry order.
• Requests Sun Yuchen to cease such actions and resolve disputes through legal means.
Finally, Li Lin calls for respect for contracts and law and wishes friends from all walks of life a Happy New Year.
$XAI
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
