Huobi is chasing… Huobi? 3AC rises from the ashes, crypto contagion in Korea: Asia Express
Huobi co-founder sues his own company for copyright infringement
According to local news on June 21, Leon Lin Li, former co-founder of cryptocurrency exchange Huobi Global, filed a copyright infringement lawsuit against the company in Hong Kong. Li claims that despite selling his majority stake to an entity controlled by Chinese blockchain personality Justin Sun last November, his company, X-Spo, still owns trademark rights associated with the term “Huobi Global” and that “ Huobi Global”, the real exchange, used the trademark without permission.
Although it's not immediately clear why Li is suing the company and the brand previously created, a series of heated exchanges between Li and Justin Sun last month may offer some clues.
On May 16, Sun vs. Wei Li, Lin Li's brother. In the tweet, Sun accused Wei Li of "receiving millions of Huobi (HT) tokens through 'abnormal means' at zero cost and “constantly selling these HT tokens and cashing out.” To which Lin Li replied, “I hope Huobi can provide evidence. illegal, I will personally pay 10 times the [amount] before tax to Huobi Company."
Hodlnaut's last voyage?According to a recent report, the fate of the dissolution or restructuring of the struggling Singaporean crypto credit company Hodlnaut will be sealed on August 7th. Last August, Hodlnaut halted operations after revealing that it had lost more than $300 million of its client's assets to the $40 billion Terra Luna ecosystem implosion in May 2022.
The company faces about $300 million in claims from creditors, who mostly want the company dissolved. That said, the two co-founders Juntao Zhu and Simon Lee want to continue operations of Hodlnaut, even though the company has reportedly lost 69% of user deposits. Last November, Singaporean police launched an investigation into Hodlnaut's activities after the company initially denied any exposure to the Terra Luna ecosystem.
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South Korean Crypto Lending ContagionOn June 22, South Korean crypto credit firm Haru Invest announced that it would lay off some or all of its current staff just days after suspending user deposits and withdrawals. The move comes after the company accused its consignment operator, B&S Holdings, of fraudulent operations.
"It is with a heavy heart that I inform you that we will be minimizing the operations of Haru Invest and its affiliates in order to prevent further damage that may occur."
Last week, another South Korean crypto lending company Delio, with over $9 billion in reported assets under management,...
According to local news on June 21, Leon Lin Li, former co-founder of cryptocurrency exchange Huobi Global, filed a copyright infringement lawsuit against the company in Hong Kong. Li claims that despite selling his majority stake to an entity controlled by Chinese blockchain personality Justin Sun last November, his company, X-Spo, still owns trademark rights associated with the term “Huobi Global” and that “ Huobi Global”, the real exchange, used the trademark without permission.
Although it's not immediately clear why Li is suing the company and the brand previously created, a series of heated exchanges between Li and Justin Sun last month may offer some clues.
On May 16, Sun vs. Wei Li, Lin Li's brother. In the tweet, Sun accused Wei Li of "receiving millions of Huobi (HT) tokens through 'abnormal means' at zero cost and “constantly selling these HT tokens and cashing out.” To which Lin Li replied, “I hope Huobi can provide evidence. illegal, I will personally pay 10 times the [amount] before tax to Huobi Company."
Hodlnaut's last voyage?According to a recent report, the fate of the dissolution or restructuring of the struggling Singaporean crypto credit company Hodlnaut will be sealed on August 7th. Last August, Hodlnaut halted operations after revealing that it had lost more than $300 million of its client's assets to the $40 billion Terra Luna ecosystem implosion in May 2022.
The company faces about $300 million in claims from creditors, who mostly want the company dissolved. That said, the two co-founders Juntao Zhu and Simon Lee want to continue operations of Hodlnaut, even though the company has reportedly lost 69% of user deposits. Last November, Singaporean police launched an investigation into Hodlnaut's activities after the company initially denied any exposure to the Terra Luna ecosystem.
Read also
FeaturesTornado Cash 2.0: The Race to Build Safe and Legal Coin Mixers
Features'Make sure Ethereum wins' - Steve Newcomb reveals zkSync's main directive
South Korean Crypto Lending ContagionOn June 22, South Korean crypto credit firm Haru Invest announced that it would lay off some or all of its current staff just days after suspending user deposits and withdrawals. The move comes after the company accused its consignment operator, B&S Holdings, of fraudulent operations.
"It is with a heavy heart that I inform you that we will be minimizing the operations of Haru Invest and its affiliates in order to prevent further damage that may occur."
Last week, another South Korean crypto lending company Delio, with over $9 billion in reported assets under management,...
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