Crypto Flash Crash on Huobi Spurs Sun to Inject $100 Million (2)

China-born crypto mogul Justin Sun sought to counter concerns about the strength of the Huobi exchange, one of the largest trading venues in digital assets, after a flash crash in the platform’s native token.

The virtual coin, known as HT, rapidly halved in price at one point on Thursday before paring a chunk of the losses, data from CoinGecko show. It’s down 21% over the past 24 hours amid a wider tumble in crypto and equity markets.

Source: Kaiko

Forced liquidations of highly leveraged bets “caused traders to fear the solvency of the Huobi exchange,” said Hayden Hughes, co-founder of ...