HTX’s Justin Sun claims record profits despite staff cuts


Chinese blockchain persona Justin Sun, who additionally serves because the de facto proprietor of crypto trade HTX (previously Huobi Global), claims that the agency, together with a gaggle of associated firms, posted a revenue of $98 million in Q3 2023.

According to the Oct. 26 thread, Sun mentioned that HTX and associated firms generated a complete of $202 million in revenues throughout the quarter, which was offset by $104 million in bills, leaving a complete revenue of $98 million. For This autumn 2023, Sun initiatives that HTX and related corporations will generate $190 million in income, together with $88 million in expenditures, for an estimated revenue of $104 million.

“The entire third quarter was a severe quarter for the industry,” mentioned Sun, mentioning that the United States Federal Reserve’s excessive rates of interest led to an industry-wide decline in revenues. “But we still maintained the growth rate of revenue. The overall market recovered in the fourth quarter. We are optimistic about the fourth quarter. The revenue forecast is still relatively conservative,” he added.

Looking ahead, Sun believes that the crypto bear market is sort of over. “In Q4 this year and Q1 next year, the crypto market will usher in spring recovery. We have firm confidence in the continued improvement of overall financial indicators,” he wrote.

Despite Sun’s outlook, not all has been effectively with HTX’s trade operations. During the Token2049 occasion in Singapore final month, Edward Chen, managing director of HTX Ventures, revealed in a panel that the trade has diminished its staff rely from 2,500 early this yr to 900. In January, the trade allegedly crushed an worker revolt after many staff salaries had been lower and bonuses removed because of falling revenues.

Update 9:25AM UTC: This article has been up to date to mirror that Sun’s put up addressed all firms working beneath the HTX banner, and never simply the HTX trade.