Market Maker Pionex Exits Huobi, HT Token Drops 30% Month-on-Month

HT token drop

The price of its own token HT fell 32.4% month-on-month amid suspicions of personnel cuts and division of the development team at major crypto asset (virtual currency) exchange Huobi Global (hereafter, Huobi). Ranked 50th in terms of market capitalization.

Source: CoinGecko

There have been a series of whistleblowing cases by insiders during the year-end and New Year holidays. Those who refuse to receive their salary in the stablecoin “Tether (USDT) or “USDCoin (USDC)” will be dismissed. Until now, various unconfirmed information is flying around.

Singapore market maker Pionex announced on the 5th that it had withdrawn its funding due to Huobi’s declining trading volume. According to data site CoinGecko, Huobi’s spot trading volume in the past 24 hours was 51.6 billion yen, an increase from 26 billion yen in mid-December.

《Important Awakening》

After the fire has been closed, the inner workings section is closed, and the inner workings section is closed. This is very dangerous, and it is not excluded that there is an internal engineer building the rug directly against the rug. This kind of incident last year left the multi-family trading post capital.

The fire must be immediately delivered to the fire, the fire must be downloaded from the property, and the automatic renewal of the wooden horse version can be prevented.

— BitRun (@BitRunX) January 5, 2023

Sun promotes Huobi

China expert Wu Blockchain reported at the end of December, citing an anonymous source, that Huobi had cut all year-end bonuses and plans to cut about 40% of its workforce.

Justin Sun’s HR is communicating with all Huobi employees to change the salary form from fiat currency to USDT/USDC; employees who cannot accept it may be dismissed. The move sparked protests from some employees. Exclusive https://t.co/QB4sjDyHc7

— Wu Blockchain (@WuBlockchain) January 4, 2023

However, according to Chinese media Jiemian, Justin Sun denied the reports of the layoffs. Mr. Sun, who became Huobi’s advisor in October 2022, emphasized on Twitter that Huobi’s business development remains strong, saying, “The average daily growth rate of new registrations and capital inflows and outflows will peak in 2022. exceeded,” he reported.

fire must@HuobiGlobal Good business growth in recent years, high-speed growth holding the core index, new orders and capital inflow will exceed the average daily growth rate, peaking in 2022. At the same time, Pi, Bonk, etc. have been launched, and the number of transactions has been equal to the first in the industry.

— HE Justin Sun (@justinsuntron) January 5, 2023

Mr. Sun has recently established social media accounts such as Weibo and Douyin (Chinese version of TikTok) in China, where cryptocurrency trading is prohibited, and is actively promoting Huobi.

Many media outlets have speculated that Justin Sun was behind the October takeover of Huobi, including Wu Blockchain and Bloomberg, but he denies this view.

association:Crypto Exchange Huobi Acquired by Hong Kong Fund

Huobi Global announced a partnership with Dominica in November 2022. The purpose is to jointly launch the national token “Dominica Coin (DMC)” and issue a digital ID (DID) under the approval of the government of the country. For Huobi, which aims to become an important player in Web3 and the Metaverse, the partnership with Dominica is the first big step in its global strategy.

association:Huobi Global partners with Dominica and Tron to issue national cryptocurrencies

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