TRON founder and Huobi advisor Justin Sun made a 4x estimate of their company’s earnings. Reports suggest that crypto companies continue to make profits despite FTX’s bankruptcy in November.
TRON founder predicts Huobi to grow 4x in Q2
Justin Sun shared on Monday that Huobi Global recorded a profit of $30 million in the first quarter. Their announcement came amid plans to acquire a cryptocurrency service provider license for Huobi in Hong Kong.
In a tweet dated April 10, Sun revealed that Huobi generated $150 million in revenue in the first quarter. Spending in the first quarter was $120 million. Despite various problems, the crypto exchange recorded a profit of $ 30 million after the collapse of FTX.
Sun forecasts Huobi’s second-quarter revenue to be $187 million and expenses to be $76 million. Thus, it nearly quadrupled its quarterly profit in Q2 to $111 million. In the first quarter, the stock market took a number of measures to reduce costs and increase efficiency. The cryptocurrency exchange industry has been in a general state of consolidation throughout the year.
Stock sale, SEC lawsuit, and manipulation
Earlier reports claim that Tron founder Justin Sun is in talks to sell some shares in crypto exchange Huobi Global. Meanwhile, Binance reportedly turned down Justin Sun’s offer to buy his ownership stake in Huobi. However, he denied any discussion of selling a stake in Huobi Global.
Trading volume on Huobi continues to decline despite its acquisition by Justin Sun. In the last 24 hours, the crypto exchange has been out of the top ten in terms of trading volume. In this respect, cryptocoin.com A recent SEC lawsuit, which we cited as , accused Justin Sun and executives of related companies of ‘market manipulation’.
The SEC also sued Justin Sun for allegedly violating securities rules. However, he is accused of violating anti-fraud and market manipulation regulations. However, Sun argues the case is “lack of merit”. It also drew criticism for not introducing clear regulatory rules and transparent guidelines to the SEC.
Huobi continues its activities with new partnership
Last month, Huobi announced a strategic partnership with Gala Games, committing to the Web3 ecosystem for Web3 and Layer-1 development. However, the exchange’s native token, Huobi Token (HT), is currently trading at $3.58. HT price continues to move sideways and lacks any significant action despite a broader market recovery.
In the meantime, let’s mention that the crypto agenda is busy with the hacking attack that has emerged one after the other. It is alleged that FTX also carelessly stores information about user wallets.
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