{"id":287331,"date":"2023-01-09T21:04:12","date_gmt":"2023-01-09T21:04:12","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=287331"},"modified":"2023-01-11T07:22:09","modified_gmt":"2023-01-11T07:22:09","slug":"huobi-korea-to-become-an-independent-entity-breaking-ties-with-huobi-global","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/huobi-korea-to-become-an-independent-entity-breaking-ties-with-huobi-global\/","title":{"rendered":"Huobi Korea to become an independent entity, breaking ties with Huobi Global"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The Huobi South Korean subsidiary, Huobi Korea, is set to operate as an individual entity after cutting its ties with Huobi Global, according to a <\/span><a href=\"https:\/\/www.news1.kr\/articles\/4919434\"><span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\"> from Korean news outlet News1.\u00a0 <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Leon Lin, the founder of Huobi Global, owned more than half of Huobi Korea. Among the next major shareholders are Huobi Korea Chairman Jo Guk-Bong and Korea Land Trust. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The move will involve negotiating the ownership of equity, said the report. Jo, who owns a crypto mining business as well, will buy the majority stakes from Lin.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Worth noting Huobi Global has been facing some backlash from the community recently. Apparently, the exchange has ordered its employees to accept salaries in USDT\/USDC or face dismissal.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Justin Sun&#39;s HR is communicating with all Huobi employees to change the salary form from fiat currency to USDT\/USDC; employees who cannot accept it may be dismissed. The move sparked protests from some employees. Exclusive <a href=\"https:\/\/t.co\/QB4sjDyHc7\">https:\/\/t.co\/QB4sjDyHc7<\/a><\/p>\n<p>&mdash; Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1610615698254102529?ref_src=twsrc%5Etfw\">January 4, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Some Twitter users claimed the exchange shut down communication channels with its internal employees. Further, some have accused the firm's general adviser, Justin Sun, of withdrawing more than $1.5 billion since last October.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">&#8211;<a href=\"https:\/\/twitter.com\/HuobiGlobal?ref_src=twsrc%5Etfw\">@HuobiGlobal<\/a>  has shut down its communication group with internal employees and block all communication and feedback channels with its workers.<\/p>\n<p>Justin Sun an &quot;advisor&quot; to the exchange, seen by many as the man in charge) has cashed out $1.5B+ in fiat since October. <a href=\"https:\/\/twitter.com\/hashtag\/Huobi?src=hash&ref_src=twsrc%5Etfw\">#Huobi<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/trx?src=hash&ref_src=twsrc%5Etfw\">#trx<\/a> <a href=\"https:\/\/t.co\/3KL6kBVLRF\">pic.twitter.com\/3KL6kBVLRF<\/a><\/p>\n<p>&mdash; Thichruiro.eth (\ud83d\udc99,\ud83e\udde1) \ud83d\udef8.L2 (@Thichruiro) <a href=\"https:\/\/twitter.com\/Thichruiro\/status\/1611228056307499009?ref_src=twsrc%5Etfw\">January 6, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">While the company was facing troubles, Huobi recently confirmed that it would lay off <a href=\"https:\/\/cryptoslate.com\/huobi-confirms-lay-offs-amid-rampant-fud-over-operational-stability\/\">20% of its staff<\/a> after its advisor <a href=\"https:\/\/cryptoslate.com\/justin-sun-denies-that-huobi-is-planning-layoffs\/\">denied<\/a> there would be any staff reductions. Moreover, the analytics firm Nansen reported on January 6 that the exchange saw <a href=\"https:\/\/cryptoslate.com\/huobi-sees-net-ouflows-of-over-60m-in-24-hours\/\">$94.2 million<\/a> in net outflows over the previous seven days &#8211; $60 million of it within the previous 24 hours.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Though Huobi advisor Justin Sun maintained positive sentiment regarding the exchange, Huobi's HT token dropped from <a href=\"https:\/\/coinmarketcap.com\/currencies\/huobi-token\/\">$5.3688 to $4.3432<\/a> on January 6. HT is currently trading at $4.90, according to CoinMarketCap.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Huobi South Korean subsidiary, Huobi Korea, is set to operate as an individual entity after cutting its ties with Huobi Global, according to a report from Korean news outlet News1.\u00a0 Leon Lin, the founder of Huobi Global, owned more than half of Huobi Korea. Among the next major shareholders are Huobi Korea Chairman Jo [&hellip;]<\/p>\n","protected":false},"author":1393,"featured_media":286427,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77873,39],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Huobi Korea to become an independent entity, breaking ties with Huobi Global<\/title>\n<meta name=\"description\" content=\"Huobi Korea chairman Jo Guk-Bong will buy the majority stakes from Huobi global founder Leon Lin.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/huobi-korea-to-become-an-independent-entity-breaking-ties-with-huobi-global\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Huobi Korea to become an independent entity, breaking ties with Huobi Global\" \/>\n<meta property=\"og:description\" content=\"Huobi Korea chairman Jo Guk-Bong will buy the majority stakes from Huobi global founder Leon Lin.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/huobi-korea-to-become-an-independent-entity-breaking-ties-with-huobi-global\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-09T21:04:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-11T07:22:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/01\/huobi.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Soumen Datta\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Soumen Datta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/huobi-korea-to-become-an-independent-entity-breaking-ties-with-huobi-global\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/huobi-korea-to-become-an-independent-entity-breaking-ties-with-huobi-global\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/soumen-datta\/#person\",\"name\":\"Soumen Datta\",\"url\":\"https:\/\/cryptoslate.com\/author\/soumen-datta\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/soumen-datta\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/soumen-datta\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/10\/cs-soumen.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/10\/cs-soumen.jpg\",\"caption\":\"Soumen Datta\"},\"jobTitle\":\"Journalist\",\"description\":\"Soumen is a dedicated researcher and writer in the field of cryptocurrencies, DeFi, NFTs, and GameFi projects. 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