Breaking: Huobi Korea Severs Ties With Parent Firm; Will HT Token Tank?

Justin Sun’s Huobi Global is facing multiple challenges amid the alleged troubled financial health of the crypto exchange. In the major development, Huobi’s South Korean arm, Huobi Korea has reportedly decided to cut itself from its parent firm.

Huobi Korea CEO to buy all stakes?

As per reports, Huobi Korea is looking to run its own business. In this bid, the Korean is willing to acquire all of its shares which are presently owned by Huobi Global. The firm will also change the name of the crypto exchange.

Leon Li, founder of Huobi Global holds more than 50% of shares in Huobi Korea. However, it is being reported that Cho Kook-bong, CEO of Huobi Korea is willing to buy out all shares.

This major development has landed amid Huobi publishing a “proof of reserves” which was backed with a reserve ratio of 101%. However, this was done shortly after the concerns were raised regarding the crypto firm’s solvency after the horrible collapse of the SBF’s FTX crypto exchange.

Earlier, Coingape reported that Justin Sun Confirms 20% Of Staff Layoff At Huobi. However, an internal notice at the firm stated that the exchange survived the crypto winter with an average of 20K new users over the past 3 months.

Will Huobi Token will drop?

Huobi token (HT) price is down by 25% over the past 30 days. However, HT price has jumped by around 3% in the last 24 hours. It is trading at an average price of $ 4.80, at the press time.

Earlier, HT token price fell by around 10% over a day, while its 24 hour trading volume dropped by 23% when reports of internal strife went out on the internet.