Bitcoin exchange Huobi, secretly owned by Tron founder Justin Sun, has been hit in the Korean arm. Huobi Korea wants to sever ties with the parent company.
Huobi Korea wants to declare independence
cryptocoin.comAs you follow, altcoin projects associated with Huobi and Justin Sun are having a hard time. This time, Huobi Korea, the Korean arm of Huobi, is making moves to run its own business, according to a new report. In the big development, Cho Kook-bong, the CEO of the Korean wing, is willing to buy all the shares of the exchange. In such a case, Huobi Korea will declare its full independence from the parent company.
In doing so, it will negotiate ownership of the equity capital, the report said. More than half of the current Huobi Korea is owned by Leon Lin, founder of Huobi Global. The next major shareholders include Chairman Jo Guk-Bong and the Korea Land Trust. Jo, who also owns a crypto mining business, is preparing to buy a majority stake from Lin.
The move follows a turbulent period for Singapore-based Huobi Global as its corporate structure is changing. In early January, it began laying off 20% of its staff, after a spokesperson said that “a very lean team will be maintained from now on”.
Justin Sun transfers $100M stablecoin to Bitcoin exchange amid FUD
Shortly after reports of planned staff cuts, blockchain research firm Nansen revealed that Justin Sun transferred $100 million worth of stablecoins from Binance to Huobi. The transaction came as the firm experienced a net outflow of $60.9 million within 24 hours. According to Nansen analyst Martin Lee, the reason for the transaction: “It could be to assist with increased withdrawals or to maintain a level of confidence in the stock market.”
Huobi Token (HT) price down 30%
Amid the above developments, the exchange’s native token HT has lost over 30% of its value over the past 30 days. Luggage sales are recovering slightly, with overall market momentum on January 9th. HT price gained over 5% today as BTC and ETH picked up volume.
In a recent tweet, crypto monitoring site CoinGecko attributed the drop in the price of HT to reports that Seychelles-based Huobi is shutting down internal staff communication channels and insisting that employees receive their salaries in stablecoins.
Meanwhile, Tron founder Justin Sun has previously denied rumors of internal strife, including previous reports that Huobi was cutting annual bonuses. On January 6, he urged the community on Twitter to ignore FUD news and continue to improve. Meanwhile, Tron’s stablecoin is struggling to regain dollar stability in USDD.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.