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Huobi’s HTX Revolution: Justin Sun Leads Token Evolution With Enhanced Benefits

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In a groundbreaking revelation, HTX, under the leadership of Justin Sun at Huobi, is poised for a substantial transformation, transitioning from Huobi Token (HT) to HTX. This strategic initiative, disclosed in a recent press release, brings forth a range of modifications, such as the introduction of Exchange DAO (HTX) and the opportunity for HT holders to exchange their tokens voluntarily. The overarching goal of this transformative maneuver is to reshape the benefits structure and inaugurate a new era within the Huobi ecosystem.

The press release from Exchange details the initiation of the conversion process, unveiling the listing of HTX DAO, and extending an invitation to HT holders for voluntary participation. Beginning on January 22, 2024, users can seamlessly convert HT to HTX by logging into their Exchange accounts. The conversion period spans until January 20, 2025, allowing users to switch.

Early conversions and the inclusion of additional assets can secure users a more favorable conversion rate. This move aligns with the prevailing trend of decentralized autonomous organizations (DAOs) in cryptocurrency to enhance transparency and user governance.

Huobi’s HTX Benefits Unleashed:

Additionally, the conversion from HT to HTX triggers a cascade of benefits for token holders, effective February 2, 2024. The new benefits structure for Exchange holders replaces the existing perks associated with HT, including removing “Reduce spot/futures fees with HT Deduction” and introducing “Reduce fees with Exchange Deduction.” This change promises a 25% discount on spot trading fees, a 5% discount on futures trading fees, and a deduction of margin loan interest with HTX.

Furthermore, holding Exchange will now boost Prime membership levels, marking a paradigm shift in the valuation of assets within the Huobi ecosystem. The announcement also outlines changes in Rockets calculations, small balance conversions, and the auto-transfer of HT assets.

The strategic conversion of HT to HTX is accompanied by a carefully planned listing schedule for Exchange. Starting on January 20, 2024, at 06:00 UTC, users can deposit HTX, and the conversion service will be available from January 22, 2024, at 08:00 UTC, facilitating a seamless transition for HT holders to the new token.

Subsequent stages include the launch of P2P trading for Exchange, availability of Earn products, spot trading listings, and the initiation of withdrawal services. This phased rollout ensures a smooth transition for users while introducing enhanced features and benefits associated with Exchange.

As Huobi Token undergoes this evolutionary transformation under the leadership of Justin Sun, the cryptocurrency community eagerly anticipates the broader market impact. Huobi’s strategic move towards decentralized governance and enhanced benefits for Exchange holders position the platform as a forward-thinking player in the rapidly evolving cryptocurrency landscape.

Huobi’s Explosive Tactic: A 20% Revenue Inferno Ignites Q3!

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Huobi, one of the leading cryptocurrency exchanges, made waves in the crypto world with its recent announcement of burning a significant number of Huobi Tokens (HT) in the third quarter of 2023. A total of 2,062,217 HT was sent into the blockchain ether, signifying a substantial event in the cryptocurrency market. The burn was made possible by allocating 20% of Huobi’s Q3 revenue, which amounted to approximately US$24.75 million. This strategic decision reveals an intriguing insight into Huobi’s financial health and its commitment to token management.

To comprehend the significance of this move, it’s essential to consider the backdrop. In the first two quarters of 2023, the exchange reported revenues of US$16.55 million and US$26.91 million, respectively. The Q3 revenue of US$24.75 million not only surpassed the first quarter but also came remarkably close to the second-quarter figure. This suggests that the exchange’s financial performance is maintaining its resilience in an ever-fluctuating market.

Huobi’s Tokenomics Commitment

The decision to burn HT reflects the exchange’s commitment to tokenomics and the well-being of its ecosystem. By reducing the supply of HT, the exchange aims to create scarcity, potentially leading to an increase in the token’s value. Additionally, this strategic move can be seen as a way to give back to the community of HT holders by enhancing the intrinsic value of their tokens.

This burn also raises questions about Huobi’s revenue model. The exchange has historically been regarded as one of the financially sound crypto platforms, and this decision might not impact its operations negatively. Nonetheless, it underscores the dynamic nature of the cryptocurrency market and the exchange’s determination to adapt to it.

In conclusion, Huobi’s burn of 2,062,217 HT in Q3 2023, funded by 20% of its revenue, has been a noteworthy event in the crypto sphere. It demonstrates the exchange’s financial stability, commitment to its community, and dedication to token economics. As Huobi continues to evolve and navigate the crypto landscape, it’s a development worth watching closely for all crypto enthusiasts and investors.

Huobi Under Scrutiny: Allegations Of Insolvency & Financial Irregularities Emerge

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Adam Cochran, the Managing Partner at Cinneamhain Ventures, has cast doubt on the financial stability of the Tron blockchain founder, Justin Sun, and his majority-owned cryptocurrency exchange, Huobi. Cochran alleges that Huobi may owe its customers an astonishing $2.4 billion, with questionable reserves to cover these customer deposits.

Huobi’s Reported Holdings Under Scrutiny

The accusations surfaced through a series of tweets by Cochran, who asserted that the exchange’s reported holdings are inconsistent with the data available through DeFi analytics. 

Cochran’s thread began with a bold statement, “Oh btw Huobi is probably insolvent again,” and raised significant concerns about the exchange’s financial health.

According to Cochran, Huobi claimed to possess approximately $200 million worth of Ethereum (ETH). Still, DeFiLlama data indicated holdings of less than $113 million, even after including wrapped ETH (wETH) and synthetic ETH (sETH). 

Furthermore, Huobi asserted that its users held $624 million in Tether (USDT), but DeFiLlama data revealed only $119 million USDT within the exchange. The remainder was allegedly held in a novel form known as “stUSDT.”

Cochran highlighted a peculiar aspect of stUSDT, allowing users to stake USDT or TrueUSD (TUSD) to earn stUSDT. Normally, staking operations should result in a burn, effectively removing assets from circulation. 

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However, he claimed that funds from staking activities were flowing into Justin Sun’s personal addresses instead, raising suspicions about the exchange’s intentions.

Moreover, Huobi might be utilizing the underlying USDT assets to support its DeFi lending platform, JustLend, and possibly engaging in TUSD buybacks on Binance. 

This complex web of financial operations, combined with the creation of stUSDT and JustLend, led Cochran to estimate that Justin Sun might be indebted to users across the Huobi and Tron ecosystems to the tune of $2.4 billion, all while keeping users in the dark about the precarious financial situation.

The allegations raised by Cochran prompted a range of responses from the cryptocurrency community. Some questioned the accuracy of DeFi analytics tools, especially when dealing with multiple wallets, hardware wallets, and bank reserves.

However, he clarified that Huobi had reported its own assets and self-reported wallet data to DeFiLlama, suggesting that these numbers should match but were off by hundreds of millions of dollars.

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Huobi Makes Waves: First To Embrace PayPal’s PYUSD Stablecoin With Zero Fees

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Huobi, a prominent cryptocurrency exchange, has announced its status as the pioneering platform to facilitate the launch of PayPal’s PYUSD stablecoin. Huobi has introduced a permanent zero-fee trading pair for PYUSD/USDT as part of this collaboration. 

The trading activities are slated to commence once liquidity reaches optimal levels. Notably, Justin Sun, a key figure in the blockchain realm, had previously extended an invitation to PYUSD for issuance on the TRON network.

Amidst growing anticipation, previously, Justin Sun took to Twitter, expressing his invitation to PayPal to explore issuing PYUSD on TRON. Sun emphasized the attributes of TRON, citing its exceptional speed, security, and cost-effectiveness, which are accompanied by a staggering daily transaction volume of 12 billion USD. He underscored the potential for mutual benefits within the digital payment landscape and advocated for collaboration to foster a thriving ecosystem.

A statement released by Huobi underscores the exchange’s commitment to fostering cooperative relationships with esteemed projects and institutions within the blockchain domain, with the shared goal of advancing industry development. 

This commitment is now manifested through Huobi’s pioneering support of the PYUSD stablecoin launch, coupled with the provision of the PYUSD/USDT trading pair featuring a permanent zero trading fee. 

The exchange pledges to initiate trading activities as soon as the market experiences sufficient circulation and liquidity. Traders and enthusiasts are urged to remain attentive to forthcoming announcements from Huobi regarding the opening of the PYUSD/USDT trading pair.

PYUSD, denoting PayPal’s USD-backed stablecoin, serves as a vehicle for seamless transfers and payments in U.S. dollars. Issued by the Paxos Trust Company, PYUSD boasts full backing through U.S. dollar deposits, short-term U.S. treasury bonds, and similar cash equivalents. At present, the total issuance of PYUSD has reached 26.9 million units.

Denials & Speculations Surrounding Huobi Executives

Recent reports suggesting the arrest of several Huobi executives in China have been met with a strong denial from a spokesperson for the exchange. Over the weekend, financial outlets in Hong Kong disseminated news that law enforcement authorities in China had taken away several high-ranking executives associated with Huobi. These arrests allegedly coincided with an increased outflow of assets from the exchange.

Huobi’s stablecoin-related balances have experienced a notable decline, with a 33% reduction reported over the past week, resulting in a withdrawal of approximately $49 million in stablecoins. Notably, this decline in stablecoin balances comes amidst ongoing rumors regarding the apprehension and investigation of senior executives from various offshore cryptocurrency exchanges by Chinese law enforcement.

Related Reading | PayPal’s PYUSD: Revolutionizing Payments With Fully-Backed Stablecoin Innovation

Justin Sun-Backed Huobi’s Days Numbered? Troubling Links Unmasked

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Crypto exchange Huobi is facing insolvency rumors as a result of $64 million in outflows on Aug. 5 and 6, following news that the company’s top executives are being investigated by Chinese authorities. The trading platform’s TVL has fallen by 20% as a result, going from $3.09 billion to $2.5 billion as of this writing.

Over the past two weeks, Huobi has lost at least one C-level executive, though it is unknown if the resignation is related to the Chinese probe. Then, on August 4, allegations surfaced claiming that one of its high-level execs had been detained in China as a result of the exchange’s alleged links with gambling firms.

Huobi representatives, on the other hand, have categorically disputed the accusations, calling them fake news and asserting that the exchange is “currently doing well.” Justin Sun, the founder of the TRON blockchain and the key adviser of the Seychelles-based trading platform, also released official remarks denouncing the rumors as “FUD.”

Adam Cochran, a crypto analyst and investor at Cinneamhain Ventures, originally made the doomsday predictions, stating that Huobi is “deeply insolvent” [based on statistics on USDT volumes on the exchange’s balance]. He said that the exchange’s balance is ten times lower than its client obligations and that it is steadily declining.

In addition, Cochran charged the TRON founder with fund embezzlement for allegedly supporting his other defi apps and providing a yield to encourage users to make additional deposits.

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Justin Sun-Backed Huobi's Days Numbered? Troubling Links Unmasked 3

“Justin Sun Prop Up DeFi Apps To Attract Huobi Deposits”

Just is using the same assets in Huobi, JustLend, Poloniex, and his other apps to enrich himself, and hoping users don’t withdraw or are not informed enough to hear of the issues. So users *think* they have balances of $631M, but there is only $90M there. The rest Justin Sun is using to prop up his other defi apps, and paying a yield on it to get users to deposit more into Huobi.

The analyst further argued that even Binance has resorted to selling Tether as a result of recognizing that Sun doesn’t actually have the USDT he claims to, and if users find out, they might mass dump to get off of his exchange.

“When Binance heard that Huobi/Tron employees were being investigated in relation to actions at the exchange, they started slamming the 3CRV USDT sell into DAI to mitigate their risk. Because Huobi is deeply insolvent.”

Huobi Empowers HT Ecosystem With 1.95M Token Burn In Q2 2023

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Huobi, the renowned cryptocurrency exchange, has recently announced its burning of a staggering 1,950,555 Huobi Tokens (HT) during the second quarter of 2023. This development comes as part of Huobi’s commitment to enhancing the value and sustainability of HT. 

By burning 20% of its revenue, which amounted to approximately $26.91 million in Q2, Huobi aims to reduce the circulating supply of HT and strengthen its market position.

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As of July 15, 2023, the exchange has burned an impressive 298,940,224 HT. The circulating deflation rate for the quarter was calculated at 0.9066%, demonstrating the impact of the burning mechanism. The current circulating supply of HT stands at 159,153,756 HT, derived from the existing supply of 201,050,000 HT.

In a significant announcement, the exchange has revealed its plans to upgrade the HT burning mechanism. In response to community feedback and to align with industry norms, it will transition from monthly to quarterly burning. 

Huobi’s Commitment To Transparency & Improvement

This change increases transparency and allows for a more comprehensive disclosure of HT burn data. Going forward, the burn figures for each quarter will be released on the 15th of the first month of the subsequent quarter.

The HT burning mechanism allocates 20% of the exchange’s revenue toward the burning process. Its revenue comprises trading fees from various platforms, interest on loans, withdrawal fees, and revenue from different products and services. By transitioning to quarterly burns, Huobi aims to improve the transparency and effectiveness of the process.

Huobi has been making waves beyond its burning mechanism as well. The exchange has become the first member of the Hong Kong Virtual Assets Consortium (HKVAC), an organization focused on bolstering security risk management and establishing Hong Kong as a leading hub for virtual assets and digital finance. 

Additionally, the exchange has partnered with Gala Games, intending to collaborate on Web3 development and integrate with the Gala layer-1 blockchain.

Nevertheless, as the exchange continues to innovate and adapt, it acknowledges the vital role played by its community. By actively engaging with users and embracing industry best practices, Huobi remains committed to building a stronger and more prosperous future for HT. 

With the unwavering support and contributions of its community members, Huobi aims to solidify its position as a top-tier cryptocurrency exchange.

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Huobi Crypto Exchange Faces Major Data Breach & Credential Leak

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White hat Aaron Phillips exposed a major data breach at Huobi, one of the world’s largest cryptocurrency exchanges, that occurred in 2021. The leak involved nearly all over-the-counter (OTC) transaction information from 2017 to 2021, including some user and VIP user data and the exchange’s technical infrastructure.

According to Huobi’s response, the incident was caused by the irregular operation of personnel in the S3 barrel of the test environment of the Japanese station on June 22, 2021. 

However, the relevant user information was only isolated on October 8, 2022, after the white hat team discovered the breach. The exchange security team promptly acted on June 21, 2023, closing relevant file access permissions and fixing the vulnerability. 

They assured that all relevant user information had been deleted, expressing gratitude to the White Hat team for their contributions to Huobi’s security.

The Scope of the Huobi Data Leak

However, Aaron Phillips’ in-depth analysis sheds light on the severity of the breach and its potential consequences. The exchange had inadvertently shared a set of credentials granting write privileges to all of their Amazon Web Services (AWS) S3 buckets. 

These credentials provided full access to the company’s cloud storage, including CDNs and Huobi’s websites. This breach exposed the company’s user data and internal documents, with attackers having the potential to execute the largest crypto theft in history. 

Huobi handles over a billion dollars in daily trading volume, making its users vulnerable to massive losses if the breach had been exploited.

Fortunately, Aaron Phillips discovered the leak and reported it to Huobi, prompting them to take immediate action to secure their data. He found that the leaked credentials were active for about two years, providing attackers ample time to exploit the situation if they had discovered it earlier.

The implications of the breach were dire, as attackers could have compromised CDNs and websites, injecting malicious scripts into Huobi’s systems and impacting every user who logged into their website or app.

Moreover, the leak revealed confidential reports containing user information, particularly wealthy users known as “crypto whales.” Huobi had ranked these users based on their ability to influence market movements, further jeopardizing their privacy.

Additionally, Huobi’s over-the-counter trading database was exposed, potentially affecting millions of transactions since 2017. OTC trading is valued for its privacy, making this breach a significant privacy violation for affected traders.

In a fortunate turn of events, the white hat team’s timely intervention and Huobi’s swift response mitigated the damage. However, this incident serves as a stark reminder of the importance of robust cybersecurity practices for cryptocurrency exchanges and companies handling sensitive user data. 

Related Reading | OKX Beat Market Odds To Ink $70M Deal With Manchester City 

Near Protocol (NEAR) And Huobi Token (HT) Investors Begin Moving To Tradecurve (TCRV) for bullish returns

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The cryptocurrency market has been experiencing notable shifts recently, where selling pressure has resulted in the loss of value surrounding many digital assets. Recently, Near Protocol (NEAR) And Huobi Token (HT) have begun losing investors even despite their latest partnerships and developments. But not all is lost, as Tradecurve, a hybrid exchange that combines the best elements of CEXs and DEXs, has begun accumulating a lot of interest as it offers bullish returns.

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Near Protocol (NEAR) And Its Recent Performance

The NEAR Foundation partnered with Alibaba Cloud to accelerate the adoption of Web3 technologies in Asia. Alibaba Cloud is the Chinese tech giant’s arm for computing and storage. This partnership was established with the intention of attracting more developers to build on top of the NEAR Protocol.

Despite this announcement, Near Protocol is still in the red zone. As of June 27, 2023, Near Protocol trades at $1.48. Within the past week, Near Protocol saw its low point at $1.24, while its high point was at $1.60. During the past 30 days, Near Protocol is down 10%, while in the last 24 hours, it decreased by 7.8%. With this in mind, it is clear why Near Protocol has begun losing investors. 

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Huobi Token (HT) And The Reason It’s Losing Investors

The Huobi Token also showed a similar pattern with its recent decline. On June 27, 2023, Hobi Token traded at $2.72. During the past week, the low point for Huobi Token was at $2.58, while the high point was at $2.78. 

During the past 30 days, Huobi Token decreased in value by 17.6%. With all of these on-chain stats analyzed and taken into consideration, the future of Huobi Token is volatile and might not result in the expected returns investors have. As a result, many have begun diversifying away from Huobi Token and have looked at upcoming projects.

<blockquote class=”twitter-tweet”><p lang=”en” dir=”ltr”>The past few weeks have been amazing for the <a href=”https://twitter.com/hashtag/Tradecurve?src=hash&amp;ref_src=twsrc%5Etfw”>#Tradecurve</a> project and community. 💎<br><br>We have over 12,000 users who have signed up for the presale, 4,400 holders, and have raised over $2.7 million. 🔥<br><br>For a LIMITED time only, the team is offering a 50% deposit bonus.<br><br>👉🧵👇 <a href=”https://t.co/CCwI4aICZr”>pic.twitter.com/CCwI4aICZr</a></p>&mdash; Tradecurve (@Tradecurveapp) <a href=”https://twitter.com/Tradecurveapp/status/1673464018651205632?ref_src=twsrc%5Etfw”>June 26, 2023</a></blockquote> <script async src=”https://platform.twitter.com/widgets.js” charset=”utf-8″></script>

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Why Tradecurve is Expected to Surge in Value

After the lack of interest in Near Protocol and Huobi Tokens, other projects gained attention. One of these projects is Tradecurve, a hybrid exchange that offers a unique proposition by combining derivatives and crypto trading within a single platform. The innovative approach has garnered a lot of attention from traders as it is in a position where it can dominate the industry.

While CEXs like OKX, KuCoin, Kraken, and others require users to complete mandatory KYC requirements, have high fees, and are exclusive to trading crypto, Tradecurve differentiates itself by eliminating all sign-up KYC checks and by ensuring an entirely private trading platform. 

Each user is able to create an account, deposit crypto, and then use that crypto as collateral in order to start trading derivatives on top of the platform. Anonymous trading is essential in the minds of a lot of investors, but so is transparency, and as a result, the team will be implementing a Proof of Reserves (PoR) system to bolster confidence.

In addition, there are features such as high leverage, starting at 500:1, negative balance protection, trading bots that utilize AI to make efficient and quick trades, a VIP account system, and specific bonuses, all of which place Tradecurve in a position where it can capture a significant share of the crypto trading market.

At the heart of the operations on the exchange is the TCRV native token, which can bring holders perks, such as access to VIP status, passive income through staking, governance voting rights, and the ability to get discounts on subscriptions. Currently, one TCRV token costs just $0.018 as it is at Stage 4 of its presale, and there is a 50% bonus until July 3, 2023.

However, as it advances, the price will become higher. With predictions from market analysts estimating that TCRV could surge by 100x after its launch, following its listing on Uniswap and other Tier-1 CEXs, now marks a solid point in time to purchase this potential blue-chip token for investors who want to make significant gains.

Discover more about the Tradecurve cryptocurrency below:

Website: https://tradecurve.io/ 

Buy presale: https://app.tradecurve.io/sign-up 

Twitter: https://twitter.com/Tradecurveapp 

Telegram: https://t.me/tradecurve_official 

Huobi’s Trademark Battle Ignites A Green Spark For Huobi Token

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Huobi founder Li Lin has taken legal action against Huobi Global, filing a trademark infringement lawsuit in the High Court of the Hong Kong Special Administrative Region. 

The lawsuit alleges that Huobi Global has been unlawfully using the Chinese trademark “火币” without proper authorization.

The controversy arose from the acquisition of the exchange by Justin Sun, a prominent figure in the cryptocurrency industry, who purchased the company for a staggering sum of over $1 billion just last year. 

Trouble between the parties escalated when Sun froze the account belonging to Li Lin’s brother and accused him of dumping HT earlier this year.

According to exclusive information obtained by Wu Shuo, a reliable source in the cryptocurrency sector, X-Spot Co., Ltd., a company controlled by Li Lin, officially filed a lawsuit against the exchange. 

The legal action asserts that X-Spot Limited, as the rightful owner of the exchange trademark, has not authorized Huobi Global to use the brand name.

During the acquisition process, when the original shareholders transferred their Huobi Global shares to About Capital Management, they explicitly agreed to maintain the exclusive rights to the “Huobi” trademark.

The equity transfer and asset delivery agreement between the parties explicitly prohibited the buyer and the exchange from utilizing the “Huobi” trademark and brand. These measures were put in place to safeguard X-Spot Limited’s exclusive rights.

Huobi Token Price Analysis

Despite the ongoing legal battle, the exchange’s token has shown promising signs in recent days. Both the daily and weekly charts have witnessed notable gains as the cryptocurrency turned green, indicating positive market performance. It appears that the token’s value remains unaffected by the legal turmoil surrounding its parent company.

According to the latest data from CoinMarketcap, HT is currently trading at $2.70, showcasing a bullish upside ride of approximately 4% within the past 24 hours. The weekly chart also displays an increase of 1.89%, signifying a touch of market volatility.

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Huobi's Trademark Battle Ignites A Green Spark For Huobi Token 9

Drawing attention to HT’s trading volume, it has observed a notable increase of 13.20% to a staggering $17,508,810,578. The market capitalization has experienced a decrease of 4.27%.

Related Reading |  Tether Extends Its Reach: Launches USD₮ On Kava Blockchain, Strengthening DeFi Ecosystem 

Huobi HK Takes Regulatory Leap Forward, Pursues Virtual Asset Exchange License

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In a recent announcement, Huobi Global unveiled its latest development, stating that Huobi HK, a leading virtual asset trading platform in Hong Kong, has expanded its services to include spot and managed services for both professional and retail customers. This expansion aims to cater to a wider range of users and enhance their trading experience.

Hong Kong has recently implemented a cryptocurrency licensing system for crypto exchanges, aiming to safeguard the interests of retail investors and foster a climate of innovation. Several companies, such as BTSE, JPEX, and OKX, have expressed their intention to pursue the license application process.

Previously, as reported by Tronweekly, the Securities Commission Malaysia (SC) has taken action against the exchange for operating in Malaysia without proper registration. The SC aims to enforce compliance and protect Malaysian investors. 

The exchange and its CEO, Leon Li, have received a public reprimand for their illegal operations. The exchange has been ordered to cease operations immediately, and its website and mobile app will be disabled on platforms such as Apple Store and Google Play.

Huobi HK’s Commitment To Regulatory Compliance

Therefore, to ensure compliance with regulatory standards and establish a solid foundation for its operations, Huobi HK officially submitted an application notice to the Hong Kong Securities Regulatory Commission on May 29. 

The submission marks the beginning of the process to obtain a virtual asset exchange license, which would further strengthen Huobi HK’s position in the market.

Over the next six months, Huobi HK will collaborate with independent auditors to thoroughly assess the platform’s security measures, anti-money laundering protocols, and overall compliance framework.

This comprehensive evaluation is essential to meet the stringent requirements set by the Hong Kong Securities Regulatory Commission, underscoring Huobi HK’s commitment to maintaining a secure and transparent trading environment.

Obtaining a virtual asset exchange license would provide Huobi HK with the necessary regulatory approval to offer a broader range of services to its clientele. This milestone will not only bolster the platform’s credibility but also instill confidence in its users regarding the safety and legitimacy of their transactions.

However, as the cryptocurrency industry evolves, the exchange remains dedicated to staying at the forefront of regulatory compliance and security measures.

By adhering to the guidelines set by the Hong Kong Securities Regulatory Commission, the platform aims to ensure its operations’ long-term success and sustainability while providing its customers with a trusted and efficient trading platform.