{"id":47608,"date":"2023-04-10T11:17:37","date_gmt":"2023-04-10T15:17:37","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=47608"},"modified":"2023-04-10T11:17:39","modified_gmt":"2023-04-10T15:17:39","slug":"huobi-generates-30-million-profit-in-q1-2023","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/huobi-generates-30-million-profit-in-q1-2023\/","title":{"rendered":"Huobi generates $30 million profit in Q1 2023"},"content":{"rendered":"\n

Following its restructuring process, crypto exchange<\/a> Huobi according to its de facto owner has made a $30 million profit during the first quarter of 2023.<\/p>\n\n\n\n

\"Huobi
Huobi generates $30 million profit in Q1 2023<\/figcaption><\/figure>\n\n\n\n

According to a post published on April 10 by Justin Sun<\/a>, the de facto proprietor of cryptocurrency exchange Huobi Global, the company recorded $150 million in revenue and $120 million in expenses during the first quarter of 2023 in a net income of $30 million.<\/p>\n\n\n\n

Sun reports that many cost-cutting and efficiency-enhancing measures were implemented during the quarter. He forecasts that the exchange will generate $187 million in revenue and $76 million in expenses during the second quarter of 2023, yielding a net income of $110 million.<\/p>\n\n\n\n

Huobi was one of the largest cryptocurrency exchanges by volume until 2021 when it began off-boarding its Chinese Mainland consumers. <\/p>\n\n\n\n

Its market share declined from 19% in 2020 to an estimated 2.2% in the fourth quarter of 2022. Sun, who claims to be an “advisor” at Huobi Global, reportedly acquired 100% of the exchange's stake in November 2022 through his company About Capital.<\/p>\n\n\n\n

As part of restructuring efforts, Huobi Global \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>reportedly laid off 20% of its workforce and reduced employee benefits earlier this year. The exchange's native token, Huobi Token (HT), experienced a flash crash on March 10, resulting in a price decline of more than 90 percent within hours.<\/p>\n\n\n\n

The token has since recovered most of its losses; however, a prominent user with the Twitter handle Lantian666 claims to have lost $4 million during the flash collapse due to margin liquidations on HT. <\/p>\n\n\n\n

Despite Sun's assertions that all users affected by the crash will be compensated, Lantian666 has not yet received complete compensation from Huobi for the incident.<\/p>\n\n\n\n

\n

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<\/use><\/svg><\/span><\/a> pic.twitter.com\/HzDf7xE2Gv<\/use><\/svg><\/span><\/a><\/p>— nnn (@lantian6666) March 26, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

Following its restructuring process, crypto exchange Huobi according to its de facto owner has made a $30 million profit during the first quarter of 2023. According to a post published on April 10 by Justin Sun, the de facto proprietor of cryptocurrency exchange Huobi Global, the company recorded $150 million in revenue and $120 million […]<\/p>\n","protected":false},"author":12,"featured_media":11076,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[1406,368,5291,14082],"class_list":["post-47608","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-crypto-exchange","tag-huobi","tag-justin-sun","tag-profit"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/09\/Huobi-reveals-plan-for-investors-in-China-after-stopping-crypto-trading.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/47608","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=47608"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/47608\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/11076"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=47608"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=47608"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=47608"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}