United

Justin Sun, advisor to HTX (formerly Huobi Global) has declared that his exchange and associated companies raked in a staggering $98 million in profits during the third quarter of 2023. 
<h2 id="span-style-font-weight-400-justin-sun-reports-revenue-of-202m-span">Justin Sun Reports Revenue of $202M</h2> 
As per the October 26 update, Justin Sun <a href="https://twitter.com/justinsuntron/status/1717550486608642061">reported</a> that HTX and its affiliated firms amassed a combined revenue of $202 million in the quarter. These earnings were offset by expenses totaling $104 million, resulting in a net profit of $98 million. 
Sun said: “The entire third quarter was a severe quarter for the industry.” 
<h3 id="span-style-font-weight-400-expenses-worth-104m-span">Expenses Worth $104M</h3> 
According to the reports, Sun also forecasted the fourth quarter of 2023 suggests that HTX and its affiliated companies will generate approximately $190 million in revenue, incurring $88 million in expenses, and yielding an expected profit of $104 million. 
Referring to the elevated interest rates set by the United States Federal Reserve, he remarked that it had triggered a widespread decrease in industry revenues. However, he said: 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.” 
<h2 id="span-style-font-weight-400-justin-sun-believes-bear-market-is-over-span">Justin Sun Believes Bear Market is Over</h2> 
Furthermore, Sun expressed his belief that the cryptocurrency bear market is nearing its conclusion. He asserted: “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.” 
<h3 id="span-style-font-weight-400-htx-exploit-span">HTX Exploit</h3> 
It’s worth noting that back in September, the blockchain analytics platform Cyvers identified a security breach in which 5,000 Ether was illicitly transferred from one of HTX’s hot wallets. At that time, Sun firmly asserted that HTX would assume full responsibility for compensating any losses suffered by its users.&nbsp; 
To address the situation, <a href="https://thecoinrise.com/binance-ceo-offers-help-to-track-huobis-stolen-funds/">HTX proactively introduced a “white-hat bonus.</a>” Subsequently, <a href="https://thecoinrise.com/htx-retrieves-funds-from-hackers-gives-250-eth-bounty-to-hacker/">the company fulfilled its commitment</a> by granting the white-hat bonus, equivalent to 5% of the stolen funds, amounting to nearly $400,000. 
The post <a rel="nofollow" href="https://thecoinrise.com/justin-sun-confirms-that-htx-made-profit-worth-98m/">Justin Sun Confirms that HTX Made Profit Worth $98M</a> appeared first on <a rel="nofollow" href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Justin Sun Confirms that HTX Made Profit Worth $98M

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