Huobi Korea to become an independent entity, breaking ties with Huobi Global News โธ South Korea โธ HTX โธ Bear Market
Huobi Korea to become an independent entity, breaking ties with Huobi Global
Huobi Korea chairman Jo Guk-Bong will buy the majority stakes from Huobi global founder Leon Lin.
1 min read
Updated: Jan. 11, 2023 at 7:22 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The Huobi South Korean subsidiary, Huobi Korea, is set to operate as an individual entity after cutting its ties with Huobi Global, according to a report from Korean news outlet News1.ย
Leon Lin, the founder of Huobi Global, owned more than half of Huobi Korea. Among the next major shareholders are Huobi Korea Chairman Jo Guk-Bong and Korea Land Trust.
The move will involve negotiating the ownership of equity, said the report. Jo, who owns a crypto mining business as well, will buy the majority stakes from Lin.
Worth noting Huobi Global has been facing some backlash from the community recently. Apparently, the exchange has ordered its employees to accept salaries in USDT/USDC or face dismissal.
Justin Sun's HR is communicating with all Huobi employees to change the salary form from fiat currency to USDT/USDC; employees who cannot accept it may be dismissed. The move sparked protests from some employees. Exclusive https://t.co/QB4sjDyHc7
— Wu Blockchain (@WuBlockchain) January 4, 2023
Some Twitter users claimed the exchange shut down communication channels with its internal employees. Further, some have accused the firm’s general adviser, Justin Sun, of withdrawing more than $1.5 billion since last October.
–@HuobiGlobal has shut down its communication group with internal employees and block all communication and feedback channels with its workers.
Justin Sun an "advisor" to the exchange, seen by many as the man in charge) has cashed out $1.5B+ in fiat since October. #Huobi #trx pic.twitter.com/3KL6kBVLRF
— Thichruiro.eth (๐,๐งก) ๐ธ.L2 (@Thichruiro) January 6, 2023
While the company was facing troubles, Huobi recently confirmed that it would lay off 20% of its staff after its advisor denied there would be any staff reductions. Moreover, the analytics firm Nansen reported on January 6 that the exchange saw $94.2 million in net outflows over the previous seven days – $60 million of it within the previous 24 hours.
Though Huobi advisor Justin Sun maintained positive sentiment regarding the exchange, Huobi’s HT token dropped from $5.3688 to $4.3432 on January 6. HT is currently trading at $4.90, according to CoinMarketCap.
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Soumen Datta
Soumen is a dedicated researcher and writer in the field of cryptocurrencies, DeFi, NFTs, and GameFi projects.
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Huobi Korea
Huobi Korea is the South Korean subsidiary of Huobi Global, a virtual asset financial services group that was founded in 2013.
HTX
Huobi, a virtual asset exchange, launched a revised branding strategy on September 13, 2023, where “Huobi” will be rebranded as “HTX.” “H” stands for Huobi, “T” represents TRON with a commitment to being all in TRON, and “X” stands for the exchange.