Chinese blockchain figurehead Justin Sun, who also serves as the de facto owner of the crypto exchange HTX (formerly known as Huobi Global), has reported a profit of $98 million for the third quarter of 2023.
This figure, however, was offset by expenses amounting to $104 million, resulting in a net profit of $98 million.
Sun’s projection for the fourth quarter of 2023 is that HTX will generate $190 million in revenue and incur $88 million in expenses, yielding an estimated profit of $104 million.
Sun cited the impact of high interest rates imposed by the U.S. Federal Reserve as a main challenge this quarter.
He contends this contributed to an industry-wide reduction in revenues.
Coinlive previously reported on how HTX successfully recovered $8 million in stolen funds from a recent exploit.
The exchange has been featured on the UK Financial Conduct Authority’s (FCA) warning list.