After mass layoffs and poor performance, Huobi is showing more signs of distress. The crypto exchange abruptly ended the support for its multi-network wallet solution. On Monday, the exchange announced that it would cease support for the Huobi Cloud Wallet immediately.
The wallet, which rebranded to iToken in 2022, enabled users to keep funds on 20 blockchain networks. The wallet also allowed investors to keep their tokens without private keys.
Huobi cited “strategic and product adjustments” as reasons behind the move. Interestingly, no announcements appeared on iToken’s website or Twitter page, or Huobi’s Twitter page.
Huobi advises all users still holding tokens in their wallets to transfer them back to their Huobi balance. Alternatively, users can withdraw funds from self-custodial wallets supporting the appropriate blockchains.
The exchange will allow users to transfer money from their wallets for three more months. The Huobi Cloud Wallet will officially go offline on May 13, 2023.
The abrupt end to its cloud wallet is just one sign of distress in the exchange. In January, Justin Sun announced that Huobi would cut 20% of its workforce after a surge in outflows.
Cuts to programs and staff could be a sign that Huobi is struggling. This may affect the Huobi token and the entire Tron ecosystem.
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