NFT News by Thebittimes.Com

While Justin Sun immediately took to X to discuss the hack that occurred on his Crypto exchange HTX (formerly Huobi ), news of the loss has trickled into China through foreign media reporting. Sun hasn’t posted on his Weibo since the day before the hack, which resulted in a loss of about 5,000 ETH, transpired. CoinDesk and other outlets reported on September 25 that Huobi had suffered an $8 million hack, with Sun promising that the amount was nothing when compared to the “$3 billion worth of assets held by (Huobi) users” and that “all funds are secure.” It’s unclear why Sun hasn’t taken to Chinese social media to assuage the fears of users on the mainland, as according to SimilarWeb most traffic to the site appears to come from “other” jurisdictions, implying most customers are Chinese or Hong Kongers. The site has also seen a dramatic rise in Russian users since the War in Ukraine began . Since the most recent hack, the HT token — formerly the Huobi Token — ...

This call comes amidst escalating concerns about Huobi ’s solvency, raising questions about the efficacy of widely accepted concepts such as proof-of-reserves as an indicator of an exchange’s financial health. advertisement Doubts Over Huobi’s Proof-of-Reserves At the heart of this unexpected turn of events lies a critical evaluation of the proof-of-reserves concept. Traditionally, exchanges have relied on this concept to demonstrate their financial robustness and reassure their investors and customers.  However, Mishaboar’s cautionary words have thrown a spotlight on the limitations of this practice. The Dogecoin advocate argued that proof-of-reserves, while widely touted as a measure of financial health, can be misleading and may not paint an accurate picture of an exchange’s liabilities. There have been doubts about reserves at Huobi for a while. Recommended Articles ...

After cutting employees and benefits, the cryptocurrency exchange reportedly made a $30 million profit during the first quarter of 2023. According to an Apr. 10 post by Justin Sun, the de facto owner of cryptocurrency exchange Huobi Global, the firm recognized $150 million in revenue during Q1 2023 compared to $120 million in expenditures, resulting in a net income of $30 million. Sun says that "a large number of measures were taken to reduce costs and increase efficiency" during the quarter. For Q2 2023, he projects the exchange will bring $187 million in revenue and $76 million in expenses, with a net income of $110 million. Huobi was one of the largest cryptocurrency exchanges by volume until the off-boarding of its Mainland Chinese users began in 2021. Its market share subsequently fell from 19% in 2020 to an estimated 2.2% in Q4 2022. Sun, who claims to be an "adviser" at Huobi Global, reportedly purchased 100% of the exchange's stake from co-founders in ...

‘Moonvember’ dreams were shattered following the dramatic downfall of the FTX empire. Sam Bankman-Fried instigated a downtrend that pushed the price of Bitcoin to mid $15K. A plethora of other crypto currencies followed suit and lost immensely. Exchange tokens, however, topped this list. With no potential in these assets, major whales decided to dump their holdings. A recent chart by on-chain analytics platform, Santiment pointed out how exchange tokens witnessed the biggest price drops over the last week. Following the FTX crash, whales and sharks holding the FTX Token [FTT] decided to dump 30.9 percent. It should be noted that this was done over the last ten days. At the time of publication, FTT was priced at $1.61 with an 8.45 percent daily drop. Over the last week, the asset dipped to a low of $1.25. Source It seems like these whales and sharks were losing trust in other prominent exchanges as well. The scare around Crypto.com enduring the same fate as FTX ...