In a world where digital currencies are constantly shaping our economic landscape, Huobi Global has played a pivotal role as one of the leading cryptocurrency exchanges in Asia. However, recent developments have cast a shadow over this once-prominent player. The exchange's TVL (Total Value Locked) saw a significant decline due to outflows totaling $64 million between August 5 and 6, 2023. This was reported by Cointelegraph, noting that Huobi's TVL dropped from $3.09 billion on July 6th to an alarming $2.5 billion.
The turmoil within the cryptocurrency market is not limited to the exchange itself; it extends to its ownership as well. Huobi Global has been in talks with About Capital, a Hong Kong-based investment firm, leading to the acquisition of the company. The news was initially reported by Cointelegraph on May 26, 2023, highlighting the challenges that Huobi Global is facing, including trademark disputes and allegations of fraud against its founder, Mr. Li Lin.
The rumors regarding Huobi's struggles were further exacerbated by reports of employee arrests and insolvency rumors in August 2023, as detailed by TheNewsCrypto on Aug 11th. These developments have undoubtedly unsettled the market, casting doubt on the stability of one of its key players, Huobi Global.
Despite these challenges, Huobi has attempted to maintain a presence in the cryptocurrency market. Amidst the outflows and rumors, Cointelegraph reported on May 5th, 2025, that USD1, a new stablecoin, was launched on HTX (formerly known as Huobi Global). This move signifies Huobi's commitment to adapting to the rapidly evolving cryptocurrency market, especially in the realm of stablecoins and their potential integration with blockchain technology.
Huobi Global's strategic alliance with Gala Games, announced by TheNewsCrypto on May 1st, 2025, further illustrates its ambition to expand its footprint beyond traditional trading strategies. This partnership aligns Huobi with a blockchain-based play-to-earn gaming platform, indicating the exchange's readiness to venture into new frontiers of the cryptocurrency economy, such as Web3 initiatives and decentralized gaming.
However, the recent outflow of over $105 million in Huobi Global's stablecoin exchange balance, reported by TheNewsCrypto on Aug 9th, 2023, underscores the ongoing instability within the exchange. This significant reduction signifies a major challenge for Huobi as it navigates through these turbulent times.
In conclusion, Huobi Global has been at the forefront of shaping the cryptocurrency landscape in Asia. However, recent events, including outflows and rumors surrounding employee arrests, have cast a shadow over the company's stability. Despite these challenges, its strategic moves such as launching USD1 and partnering with Gala Games hint at resilience and adaptability. The acquisition by About Capital, if successful, will mark a new chapter for Huobi Global, and it remains to be seen how this transition will affect both the exchange and the wider cryptocurrency market in the coming months and years.