Crypto Company Huobi Global Cuan Rp446 Billion In First Quarter 2023, Justin Sun Raises Target For Second Quarter

Huobi Global made a profit in the first quarter of 2023. (Photo; Doc. Coingape)

JAKARTA - Huobi Global recorded a profit of 30 million US dollars or Rp446 billion in the first quarter of 2023 after restructuring. Tron founder and adviser Huobi Global, Justin Sun, announced that the crypto exchange had seen a profit of 30 million US dollars in the first quarter.

Huobi Global generated revenue of 150 million US dollars (IDR 2.2 trillion) with an expenditure of 120 million US dollars (IDR 1.7 trillion) and a profit of 30 million US dollars or IDR 446 billion. Despite experiencing several problems after the fall of the FTX crypto exchange, Huobi Global managed to record a profit in the first quarter.

According to Justin Sun's prediction, Huobi's revenue will reach USD 187 million (IDR 2.7 trillion) and its spending will be USD 76 million (IDR 1.1 trillion) in the second quarter. Thus, the profit per quarter almost quadrupled to USD 111 million (IDR 1.6 trillion) in the second quarter.

Huobi's crypto exchange has made various decisions to reduce costs and increase efficiency in the first quarter. Trading platform business is under consolidated conditions.

Interestingly, this transparency step comes when the crypto exchange is actively seeking a license in Hong Kong. However, the trading volume in Huobi continues to decline despite being purchased by Justin Sun. In the last 24 hours, the crypto exchange has dropped out of the top ten in terms of trading volume.

On March 22, 2023, the US Securities and Exchange Commission (SEC) filed a lawsuit against Justin Sun for allegedly violating securities rules. He was also accused of violating anti-fraud regulations and market manipulation. However, he argues that the lawsuit "has no basis". He also criticized the SEC for not carrying clear regulatory rules and transparent guidelines.