Justin Sun Confirms HTX’s Record Profits in Q3 Following Layoffs
- Justin Sun claims that HTX recorded a profit of $98 million in Q3.
- The total revenue generated was $190 million, with $104 million in expenses.
- For Q4, the expected revenue is $190 million, with $88 million in expenses and $104 million in profit.
- He also said that “in Q4 this year and Q1 next year, the crypto market will usher in spring recovery.”
Justin Sun, the founder of the Tron blockchain protocol and a Chinese-born Grenadian cryptocurrency entrepreneur, has revealed that crypto exchange HTX (formerly Huobi Global) posted a profit of $98 million in the third quarter of this year amid increasing geopolitical tensions, rising interest rates, and the dangers of a recession.
As per a thread posted on social media platform X (formerly known as Twitter), Justin Sun noted that HTX generated a total of $202 million in revenue in the third quarter, while adding that $98 million was the profit that it made. The firm’s expenses amounted to $104 million. Additionally, the projection for Q4 of this year is to generate $190 million in revenue, along with $88 million in expenditures, and an estimated profit of $104 million.
Justin Sun noted that the third quarter was an extremely severe one for the digital asset sector while mentioning the United States Federal Reserve’s high interest rates that resulted in a significant decline in the revenues of multiple crypto exchanges.
“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, said Justin Sun.
The crypto entrepreneur also pointed out that the lowest point of the crypto bear market is now over and noted that “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.”
While Justin Sun has been extremely optimistic in his post, the HTX crypto exchange has faced some serious issues in the past few months. In September, the firm suffered an attack resulting in the theft of $7.9 million in digital assets. Interestingly, the entrepreneur claimed that the exchange had fully covered the loss and that users’ funds were safe.
As reported earlier by BitcoinWisdom, Edward Chen, managing director of HTX Ventures, confirmed that the exchange had reduced its staff from 2,500 earlier this year to 900. The exchange laid off 40% of its employees when the year started.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
