Huma Finance co-founder Richard Liu said the team expected volatility ahead of a November token unlock, but the scale of HUMA’s price swings exceeded its expectations, according to a PANews report published November 12, 2026, at 14:56 UTC+8.
Liu said an investigation found that an early liquidity provider’s wallet was hacked on October 22, leading to the sale of about 12 million airdropped HUMA tokens into the market. The project had questioned its hired market makers and, he said, had no reason at the time to believe malicious manipulation had occurred. PANews’ headline also stated that the foundation did not participate in selling.
Liu pointed to derivatives activity between November 2 and 7: open interest across platforms rose from about 620 million to 1.1 billion HUMA, funding rates had been negative since November 4, and perpetual-futures volume was seven to ten times spot volume. He said market activity appeared concentrated in contracts. These figures describe a short trading window, not growth in users or evidence of sustained adoption.