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HTX’s Justin Sun claims record profits despite staff cuts

26 Oct 2023
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Chinese blockchain personality Justin Sun, who also serves as the de facto owner of crypto exchange HTX (formerly Huobi Global), claims that the firm posted a profit of $98 million in Q3 2023.

According to the October 26 thread, Sun says that HTX generated a total of $202 million in revenues during the quarter, which was offset by $104 million in expenses, leaving a total profit of $98 million. For Q4 2023, Sun projects that HTX will generate $190 million in revenue, along with $88 million in expenditure, for an estimated profit of $104 million.

“The entire third quarter was a severe quarter for the industry,” said Sun, mentioning that the U.S. Federal Reserve’s high interest rates led to an industry-wide decline in revenues. “But we still maintained the growth rate of revenue. The overall market recovered in the fourth quarter. We are optimistic about the fourth quarter. The revenue forecast is still relatively conservative,” he added.

Looking forward, Sun believes that the nadir of the crypto bull market is nearly over. “In Q4 this year and Q1 next year, the crypto market will usher in spring recovery. We have firm confidence in the continued improvement of overall financial indicators,” he wrote.

Despite Sun’s outlook, not all has been well with HTX’s operations. During the Token2049 event in Singapore last month, Edward Chen, managing director of HTX Ventures, revealed in a panel that the exchange has reduced its staff count from 2,500 early this year to 900. In January, the exchange allegedly crushed an employee revolt after many staff salaries were cut and bonuses removed due to falling revenues.