Huobi’s Rebranded Exchange HTX Sees Success Under CEO Justin Sun
HTX, the rebranded international exchange of Huobi, has experienced its most successful quarter to date, according to CEO Justin Sun. Despite facing initial challenges, the exchange has made progress in the right direction. Earlier this year, HTX dealt with an employee revolt due to concerns that the exchange would be dissolved, leaving them unemployed. As a result, over half of the staff was let go, reducing the headcount from 2,500 to approximately 900.
In addition, HTX faced a security breach where a hacker stole millions. However, the situation was resolved when the hacker returned all funds and HTX rewarded them with a white hat bounty. Following these events, HTX remains profitable with $104 million in earnings.
Success Amidst Bear Market
Despite the bear market conditions, HTX generated $202 million in revenue. With reduced expenses from employee cuts, the exchange achieved a profit of $98 million. Looking ahead to the fourth quarter, Sun maintains a conservative financial model but anticipates exceeding expectations if market conditions continue to improve.
“The entire third quarter was a severe quarter for the industry… The overall market recovered in the fourth quarter. We are optimistic about the fourth quarter… may significantly exceed expectations.”
HTX’s quarterly report indicates a focus on future growth rather than immediate profits as evidenced by their token burn initiative.
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