Cryptocurrency exchange Huobi Global reportedly made a $30 million profit during Q1 of 2023 after undergoing restructuring efforts, including employee layoffs and benefit cuts. According to a tweet by Justin Sun, the de facto owner of the exchange, Huobi saw $150 million in revenue during the quarter compared to $120 million in expenditures. Huobi’s market share decreased from 19% in 2020 to an estimated 2.2% in Q4 2022 after the off-boarding of its mainland Chinese users. Sun reportedly purchased 100% of Huobi’s stake in November 2022.
However, in March 2023, the exchange’s native token, Huobi Token, suffered a flash crash leading to a more than 90% drop in its price within hours. Despite claims from Sun that all users impacted by the crash would be compensated, one major user, Lantian666, claims to have lost $4 million due to margin liquidations on HT and is still awaiting full compensation from Huobi.
