Cryptocurrency

Huobi Korea to become an independent entity, breaking ties with Huobi Global

Hull Invest

Huobi Korea, a subsidiary of Huobi South Korea, will operate as a separate entity after dissolving its relationship with Huobi Global, a source said. report From the South Korean news agency News1.

Huobi Global founder Leung Lin owned more than half of Huobi Korea. Among the next major shareholders are Huobi Korea chairman Cho Guk-bong and Korea Land Trust.

The move will include negotiations for stake ownership, the report said. Jo, who also owns a cryptocurrency mining business, buys a majority stake from Lin.

It’s worth noting that Huobi Global has recently faced backlash from the community. Apparently, the exchange has ordered its employees to be paid in USDT/USDC or face layoffs.

Some Twitter users claimed the exchange had closed communication channels with internal employees. Additionally, some have accused Justin Sun, the company’s general advisor, of withdrawing more than $1.5 billion from him since last October.

The company has been in trouble, but Huobi recently admitted to laying off 20% of its staff after advisers denied layoffs. reported net outflows of $94.2 million for the day.

Huobi advisor Justin Sun remained positive about the exchange, but Huobi’s HT token $5.3688 to $4.3432 According to CoinMarketCap, HT is currently trading at $4.90.

Read the latest market report

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button