Huobi has had its ups and downs, just like every other entity in the crypto space. Not surprising. Before the Chinese 2021 ban on cryptocurrency transactions, the COO of the company, Robin Zhu, came under investigation in China for unspecified reasons. The exchange announced it had lost 920 BTC and 8,100 LTC in a Weibo post in 2014. However, at the time, it was estimated that the exchange may have lost much more – 5,000 BTC and 80,000 LTC. If something like this happened today, it would cost the exchange $95 million in Bitcoin and $4 million in Litecoin. Huobi has also been negatively affected by China’s ban on virtual currencies. As a result, About Capital decided to acquire the business on October 8 this year. Several days later, the company made public its decision to establish an advisory board with five participants. Huobi’s native token soared following a tweet from Justin Sun, the founder of Tron, who laid down plans for the company’s revival. Related Reading: Why SHIB Price Lost Its Bullish Energy After Shiba Eternity Games’ Release Going For The Green Option Prior to the release of the recovery plan, the price of HT was fluctuating near the $4.3395 support level, which has exhibited strength over the past few months. This support level effectively blunted the market drop from May to June, which saw numerous crypto currencies falter. In August, the token increased by 31% during the course of thr...
