In response to an April 10 tweet by Justin Solar — the de facto proprietor of cryptocurrency alternate Huobi International — Huobi saw $150 million in income throughout Q1 2023 in contrast with $120 million in expenditures, leading to a internet revenue of $30 million. Solar stated that “numerous measures have been taken to scale back prices and enhance effectivity” in the course of the quarter. For Q2 2023, he projected the alternate will convey $187 million in income and $76 million in bills, with a internet revenue of $110 million.
Huobi was one of many largest cryptocurrency exchanges by quantity till the off-boarding of its mainland Chinese language customers started in 2021. Its market share subsequently fell from 19% in 2020 to an estimated 2.2% in This autumn 2022. Solar, who claims to be an “adviser” at Huobi International, reportedly bought 100% of the alternate’s stake from its co-founders in November 2022 via his entity About Capital.
The token has since recovered most of its losses; however, one major user, who goes by the Twitter handle Lantian666, claims to have lost $4 million due to margin liquidations on HT during the flash crash. Lantian666 said they have yet to receive full compensation from Huobi as a result of the incident despite claims from Sun that all users impacted by the crash would be compensated.
Dear colleagues in the crypto circle, I am the owner of the account that was forcefully liquidated for 4 million dollars on March 10th at 5:00 am by the Huobi platform’s HT pin liquidation. I will continue to share all the details and what Huobi did at that time #ShameonHuobi pic.twitter.com/HzDf7xE2Gv
— nnn (@lantian6666) March 26, 2023
Journal: Zhu Su’s alternate did $13.64 in quantity akshually, Huobi in disaster: Asia Specific
