Breaking: Huobi Korea Severs All Ties with Parent Firm; Will the HT Token Tank?

Justin Sun’s Huobi Global faces multiple challenges due to the alleged financial difficulties of the crypto exchange. Huobi’s South Korean arm Huobi Korea has reportedly decided not to join its parent company, which is a major development.
According to reports, Huobi Korea wants to start its own business. The Korean will buy all shares currently owned by Huobi Global. The firm will also change its name.


Leon Li, founder and CEO of Huobi Global, owns more than 50% of Huobi Korea’s shares. According to reports, Cho Kook-bong is willing to purchase all shares.


This significant development came amid Huobi publishing a proof of reserves, which was backed by a reserve ratio 101%. This was however done after concerns were raised about the solvency of the crypto firm following the terrible collapse of the FTX crypto exchange by the SBF.
Coingape earlier reported that Justin Sun confirmed 20% of Huobi’s staff layoffs. An internal notice from the firm stated that the exchange had survived the crypto winter with an average 20K users per month over the past three months.
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