Crypto exchange Huobi returns to profitability in Q1 after restructuring

According to an Apr. 10 post by Justin Sun, the de facto proprietor of cryptocurrency speech Huobi Global, the steadfast recognized $150 cardinal successful gross during Q1 2023 compared to $120 cardinal successful expenditures, resulting successful a nett income of $30 million. Sun says that "a ample fig of measures were taken to trim costs and summation efficiency" during the quarter. For Q2 2023, helium projects the speech volition bring $187 cardinal successful gross and $76 cardinal successful expenses, with a nett income of $110 million.

Huobi was 1 of the largest cryptocurrency exchanges by measurement until the off-boarding of its Mainland Chinese users began successful 2021. Its marketplace stock subsequently fell from 19% successful 2020 to an estimated 2.2% successful Q4 2022. Sun, who claims to beryllium an "adviser" astatine Huobi Global, reportedly purchased 100% of the exchange's involvement from co-founders successful November 2022 done his entity About Capital. 

Magazine: Zhu Su's speech did $13.64 successful measurement akshually, Huobi successful crisis: Asia Express

Earlier this year, Huobi Global reportedly laid disconnected 20% of its employees and slashed employment benefits arsenic portion of restructuring efforts. A large incidental occurred connected Mar. 10 erstwhile the exchange's autochthonal token, Huobi Token (HT), suffered a flash clang starring to a much than 90% driblet successful its terms wrong hours.

The token has since recovered astir of its losses; however, 1 large user, who goes by the Twitter grip Lantian666, claims to person mislaid $4 cardinal owed to borderline liquidations connected HT during the flash crash. Lantian666 says they person yet to person afloat compensation from Huobi arsenic a effect of the incidental contempt claims from Sun that each users impacted by the clang volition beryllium compensated. 

Dear colleagues successful the crypto circle, I americium the proprietor of the relationship that was forcefully liquidated for 4 cardinal dollars connected March 10th astatine 5:00 americium by the Huobi platform's HT pin liquidation. I volition proceed to stock each the details and what Huobi did astatine that clip #ShameonHuobi pic.twitter.com/HzDf7xE2Gv