At the end of the first quarter, Justin Sun, creator of the Tron blockchain and Huobi Global adviser released financial information of the Huobi Group to the public in order to make them more transparent. Despite the bear market in Q1, Huobi created a revenue of $150 million, with expenditures of $120 million and a $30 million profit. Justin Sun’s said that, in the second quarter Huobi plans on further cutting costs, forecasting profits of $111 million, revenue of $187 million and expenses of $76 million. Despite the success, the cryptocurrency exchange has faced some challenges. As the U.S. Securities and Exchange Commission (SEC) brought a complaint against Justin Sun of cases of fraudulent trading and market manipulation, Huobi's trading volume decreased. Also, there were speculations that Justin Sun is trying to sell part of his interests in Huobi Global, which he denied.

Furthermore, Sun declared that the SEC’s case against TRON has no effect on either TRON`s operations or Huobi’s growth strategies. This was the first comment that Sun had released since the lawsuit, including the trading of TRX and BTT.

The cryptocurrency market can be characterized as a rapidly evolving industry and it is very difficult to make accurate predictions about any part of it, especially with the lack of reliable information about certain exchanges that are involved in the market. However, Huobi Group has taken a significant step towards transparency and the confidence of the crypto community by providing operational details of their first quarter financial results. It is likely that these measures will help Huobi's expansion and support the growth of cryptocurrencies.



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