HTX just pulled the plug on World Liberty Financial. The exchange suspended trading for both WLFI/USDT and USD1/USDT pairs on June 6, forcibly converting all user USD1 stablecoin holdings into USDT at a 1:1 ratio. The full delisting of USD1 took effect on June 7 at 03:00 UTC.
The trigger: WLFI froze tokens sitting in addresses tied to HTX.
What happened and why
The chain of events traces back to May 26, when Huobi Global S.A., the entity historically connected to what is now HTX, was designated under a UK sanctions compliance review. That designation prompted WLFI to freeze tokens in HTX-associated addresses, presumably as part of its own compliance posture.
HTX responded by halting all USD1 deposits and withdrawals, then converting every user’s USD1 balance to Tether’s USDT.
