HT Token Burn In a move that has caught the attention of crypto enthusiasts and investors alike, Huobi has burned 235% more HT tokens in Q2. The burning of tokens is a common practice among crypto companies to control the supply of tokens and stabilize their price. By burning more HT tokens, Huobi is essentially reducing the number of tokens in circulation, which can potentially increase the value of the remaining tokens.

Implications for the Crypto Market The increase in Huobi’s revenue and the burning of HT tokens have significant implications for the crypto market. It signals the growing strength and stability of the crypto market, even amidst global economic uncertainties. Moreover, it highlights the increasing demand for cryptocurrencies and the role of crypto exchanges in facilitating this demand.

Midjourney Prompt: Create a photorealistic image of the Huobi logo with a backdrop of a graph showing an upward trend, symbolizing the increase in revenue and the burning of HT tokens.

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According to the Arkham Intelligence dashboard, the lender holds 410,378 staked ETH worth $862.45 million, and the pending withdrawals of staked assets by other centralized crypto exchanges account for around 85% of entities waiting to withdraw. Per Nansen data, Kraken accounts for most of the pending withdrawals with 556,321 ETH, followed by Binance with 216,208 ETH and Coinbase with 117,239.

The recent regulatory actions in the United States could be forcing firms in the region to withdraw their staked ETH. Kraken was fined $30 million by the SEC in February for failing to register its staking services, and the regulator has also filed charges against Gemini while issuing a Wells notice to Coinbase.

Meanwhile, Celsius creditor and crypto blogger Tiffany Fong shared a screenshot of the bankrupt lender’s monthly fee statement on April 14. The statement includes a $72,000 invoice titled “Tiffany Fong litigation,” suggesting that Celsius wants to sue Fong. With approximately $119,000 locked in the firm, Fong has been actively reporting on the Celsius bankruptcy case while sharing leaked internal information.

Celsius Withdraws Over $13 Million of Ethereum from Staking

Celsius, a bankrupt crypto lender, has withdrawn over $13 million worth of Ethereum from staking. This includes 6,521 staked Ethereum that the firm withdrew since the network-enabled withdrawals through the Shapella upgrade. On April 14, on-chain investigator Lookonchain reported that $504.5 million worth of Ethereum had been withdrawn, with Celsius, liquid staking protocol Lido, and Figment being the top three addresses.

According to blockchain analytical firm Nansen, Celsius has withdrawn 4,991 ETH as of April 13, equating to 3.64%. Additionally, the lender holds 410,378 staked ETH worth $862.45 million. Pending withdrawals of staked assets by other centralized crypto exchanges account for around 85% of entities waiting to withdraw, with Kraken accounting for most of the pending withdrawals with 556,321 ETH.

Regulatory actions in the United States could be forcing firms in the region to withdraw their staked ETH. In February, the SEC fined Kraken $30 million for failing to register its staking services. The regulator has also filed charges against Gemini and issued a Wells notice to Coinbase.

Celsius Plans to Sue Creditor for Leaking Confidential Information

Crypto blogger Tiffany Fong has claimed that Celsius wants to sue her in an April 14 tweet. Fong shared a screenshot of the bankrupt lender’s monthly fee statement, including a $72,000 invoice titled “Tiffany Fong litigation.” As a Celsius creditor with about $119,000 locked in the firm, Fong has been actively reporting on the Celsius bankruptcy case while sharing leaked internal information. The blogger also got the broader market attention when she interviewed the founder of the now-defunct crypto exchange, FTX, Sam Bankman-Fried.

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It is known that the majority owners of Huobi Global have sold their stakes to About Capital Management, a Hong Kong-based fund management company.

It has come to light that TRON inventor Justin Sun may be the true acquirer of the crypto exchange giant. Wu Blockchain, a Chinese blockchain news portal, said on October 10 that several sources confirmed that Sun was the primary investor in this M&A fund.

According to Wu, crypto millionaire and CEO of FTX, Sam Bankman-Fried, invested to support Justin Sun. An earlier denial of interest from SBF in Huobi stands.

Participant Added to Huobi Advisory Board

Sun also confirmed his membership on Huobi Global’s Global Advisory Board through Twitter on October 10. The board’s responsibility now includes steering the company’s growth and worldwide expansion strategy.

According to Wu, the takeover cost roughly a billion dollars, and Sun was present at the delivery location on October 8. Jinglin Assets, the largest private equity company in China, informed the media source that “About Capital was more of a bridge for Justin Sun’s purchase.”

It’s possible, Wu said, that this may force Binance, which has backed Justin Sun in the past, into a competitive position.

Sun was seen last month at Huobi’s booth and the company’s after-party at Singapore’s TOKEN2049 conference. In order to buy Huobi, Justin Sun and the FTX CFO regularly spoke together in Singapore, Wu said.

There has been no official confirmation or denial of what are basically rumors about his participation by either FTX or SBF.

Price Movements in TRX and HT

The price of TRX, TRON’s native currency, has hardly budged in the previous 24 hours, staying steady at $0.062. Since its all-time high of $0.231 in January 2018, TRX has been trading sideways with the rest of the cryptocurrency market.

According to CoinGecko, the price of Huobi’s native token, HT, has risen rapidly during the previous three hours, increasing by 5% to $4.30 as of this writing. Additionally, HT has been flat for the last three months and is now 89% lower than its all-time peak in May of 2021.

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Since 2019, Huobi has maintained a presence in South Korea via the operation of a local office, and in 2021, the company was granted an obligatory regulatory license by the South Korean Financial Services Commission. The firm notes that its operating expertise within the region is a crucial aspect in aiding Busan’s ambition of becoming a worldwide blockchain center.

Huobi Korea CEO Junyong Choi is sure that Busan has excellent traits for supporting innovation and development, and he believes that blockchain technology may revolutionize conventional sectors and bring profit from such transformations. As part of the arrangement, Huobi has also committed to being a sponsor for the Busan Blockchain Week, which will take place at the end of October 2022.

The city of Busan also signed a deal with FTX, which is owned by Sam Bankman-Fried, to receive assistance in the construction of the city’s local exchange. Additionally, Binance signed a similar agreement with the city. FTX and Binance will each build a local presence in Busan.

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Huobi’s operations are already suspended in Thailand and the top regulatory authority has given the cryptocurrency exchange a time period of three months to return all crypto assets parked in exchange wallets to their clients. 

Huobi has been charged for failing to comply with local regulations. The SEC has said that the crypto exchange had already been informed about non-compliance with the rules back in February 2021. 

Despite the repeated failure to comply with local regulations, Huobi was allowed to operate until August. However, now the SEC has put a ban on crypto exchange’s operations and is requesting the concerned ministry to revoke its license. 

The SEC has also said that Huobi will have to make a security deposit with the regulator. It will be used as a measure to ensure Huobi doesn’t fail to return the client assets in time. Thailand has been supportive of crypto transactions and operations but recently it has been strict with non-compliance. 

Thai SEC keeps on issuing new guidelines both for cryptocurrency exchanges and investors. Recently, it put a ban on cryptocurrency exchanges to list high-risk coins like Meme tokens, fan-based tokens and NFTs. 

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