Huobi’s Huge Loss Of Up To $150 Million Is The Main Cause For The Founder To Sell The Company

In a disclosure from Huobi insider, Huobi’s huge loss on Waves and Vires lending protocol amounted to $150 million. This is the main reason why founder Leon Li had to quickly sell the company.

According to Huobi insider information to Wublockchain, this person said that Huobi CEO Zhu Hua was the one who caused huge losses for the crypto company in 2022.

According to the share, this person said in a recent article “How huobi entered the death spiral” that has been circulating on the Internet. In the article, CEO Zhu Hua was criticized and said that it was he who put company in the current bad situation.

The article revealed that Huobi’s monetization project suffered massive losses of $150 million due to Waves’ (later restored) lending protocol powers. Investing in other projects, including a sharp downsizing, even became a catalyst for Li Lin to sell the company. Relevant sources told Wu that the above information has also been confirmed.

As mentioned in an earlier Coincu News article, this exchange founder Leon Li is in talks with a group of investors to sell most of his shares at a possible valuation of up to $3 billion. The deal can be completed as early as the end of August 2022. The founder is looking for a valuation between $2 billion and $3 billion, meaning the deal could raise more than $1.5 billion.

The article also mentions controlling Huobi by replacing the employees who oppose Zhu Hua.

However, for the authenticity of the article, it is only said to be at 60% because its content is trying to “dispel” CEO Zhu Hua and has a lot of unverified information.

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