After Justin Sun’s takeover of Huobi, a number of the company’s top executives reportedly tendered their resignations.
According to the report, Justin Sun’s Tron team has gained control of key departments at the exchange. The story went on to say that Sun wants to reduce the number of employees working at the exchange because he feels “there are too many individuals.”
Huobi and Justin Sun
Even though Justin Sun hasn’t officially announced that he bought the exchange, he is currently actively involved in the management of the cryptocurrency company. In order to demonstrate his control over the business, he also linked Huobi’s URL to his Twitter profile. He also declared that he would serve as Huobi’s global advisor.
Justin Sun, the founder of TRON, has also tweeted frequently in support of Huobi, praising several recent actions and achievements the company has accomplished.
Huobi was one of the largest trading platforms for crypto derivatives in the world, so it is not surprising that Sun was interested in it. However, the exchange lost ground last year when China forbade its people from trading cryptocurrencies. The crypto ban did, in fact, have a significant effect on Huobi’s user base.
The crypto ban in China had a significant impact on Huobi’s user base, according to data from CryptoCompare. In just September, the amount of trade in crypto derivatives decreased by 27%.
On an annual basis, it has decreased by 77%, and Binance has supplanted Huobi as the top platform for trading cryptocurrency futures.
Delisting HUSD for USDD?
Separately, Huobi recently disclosed that it would delist its HUSD stablecoin. The exchange has already begun to remove the currency from its list and to convert user HUSD into USDT at a 1:1 ratio.
As stated in its formal announcement, the conversion would be finished no later than November 4, 2022.
Meanwhile, Justin Sun stated that Huobi would “probably list all the cryptocurrency versus USDD” in an interview with Coindesk on October 11. Sun thinks that USDD, a Tron-based algorithmic stablecoin, is safer and more secure than UST, the unsuccessful stablecoin of the defunct Terra ecosystem.
