Huobi USD (HUSD) has depegged and fallen below $1.00.
The depeg comes after Huobi announced that HUSD will be delisted from its crypto trading platform.
The HUSD stablecoin has fallen over 58% since instability began on October 28. In the meantime, Justin Sun, the founder of the cryptocurrency TRON, is currently in the process of taking over Huobi Global.
Huobi USD (HUSD) depegs
In the last 24 hours Huobi USD (HUSD) has fallen over 58%. The depeg is reminiscent of Luna’s UST collapse.
Huobi Global announced on October 27 that they would be delisting HUSD and converting all HUSD assets to USDT assets.
From Huobi Global:
As part of our continuous efforts to promote the healthy development of the blockchain ecosystem, Huobi Global will be ceasing the HUSD trading service and delisting HUSD
The service termination and delisting of HUSD will start at 08:00 (UTC) on October 28, 2022. In the meantime, users' HUSD assets will be converted to USDT assets at a 1:1 ratio.
The process of Huobi switching from HUSD to USDT will be complete on November 4, which leaves more room for the HUSD token to fall.
Speculators and crypto traders have taken advantage of the situation by shorting HUSD to make profits from its demise.
TRON takeover
TRON founder Justin Sun, who is on the Global Advisory Board of Huobi is set to take over the crypto exchange sometime soon.
As reported by Colin Wu of WuBlockchain, Huobi’s former heads have resigned from the company to make way for Justin Sun and TRON.
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