See More

Huobi Top Executives Reportedly Resign as Justin Sun Takes Over

2 mins
Updated by Ali Martinez
Join our Trading Community on Telegram

In Brief

  • Huobi's CEO and CFO has resigned their positions.
  • Justin Sun now plays an active role in the running of the crypto firm.
  • The exchange announced it would delist HUSD, replace it with USDD.
  • promo

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.

Source: CryptoCompare

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.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Oluwapelumi-Adejumo.png
Oluwapelumi Adejumo
Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.
READ FULL BIO
Sponsored
Sponsored