According to a report from South Korea, the Korean subsidiary of Huobi Global is planning to cut ties with the parent company. The management of the trading platform stated that they plan to “strengthen its position” as a domestic cryptocurrency exchange and change its name.
Huobi Experiences Significant Withdrawals as Subsidiary Huobi Korea Looks to Go Independent
There has been much speculation and many rumors surrounding the cryptocurrency exchange Huobi Global, which rebranded to simply “Huobi” at the end of November 2022. Reports indicated that Huobi laid off 20% of its staff and plans to maintain “a very lean team” going forward.
Additionally, Huobi has experienced a significant amount of withdrawals recently. Cryptoquant statistics show that on November 2, 2022, Huobi held more than 20,000 BTC. As of today, the cryptocurrency exchange’s BTC reserves are approximately 16,709 BTC. Similarly, Huobi had 22 million ETH in reserves on November 2, 2022, but according to c
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