Top executives at Huobi have reportedly resigned after Justin Sun’s takeover.
According to the report, Justin Sun’s team at Tron has taken over important departments at the exchange. The report continued that Sun is looking to cut the exchange’s staff population as he believes “there are too many people.”
Huobi and Justin Sun
While Justin Sun is yet to confirm his acquisition of the exchange, he now plays an active role in the running of the crypto firm. He also added Huobi’s URL to his profile on Twitter to show his power over the company and announced that he would be a global advisor to Huobi.
TRON founder Justin Sun has also made numerous positive tweets about Huobi, speaking about some recent moves and records the firm has made.
Sun’s interest in Huobi is no surprise, as this was one of the world’s biggest crypto derivatives trading platforms. But the exchange lost its edge last year after China banned citizens from trading crypto. Indeed, the ban on crypto had an important impact on Huobi’s user base.
Data from CryptoCompare shows that China ban on crypto had an important impact on Huobi’s user base. Crypto derivatives trading volume fell by 27% in September alone.
On the yearly metrics, its number has dropped by 77%, with Binance overtaking Huobi as the leading crypto derivatives trading platform.
Delisting HUSD for USDD?
In a separate development, Huobi recently announced that it would delist its stablecoin HUSD. The exchange has already started delisting the currency and converting users’ HUSD into USDT at 1:1.
According to its official release, it would complete the conversion latest November 4, 2022.
Meanwhile, in an Oct. 11 Coindesk interview, Justin Sun said Huobi would “probably list all the cryptocurrency against USDD.” USDD is a Tron-based algorithmic stablecoin that Sun believes is safer and more secure than the failed stablecoin of the collapsed Terra’s ecosystem UST.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.