For much of 2018, crypto startups seemed invincible. As Bitcoin (BTC) collapsed, falling to new multi-month lows each and every month, this industry’s participants barely flinched. Yet, as 2018 has come to a head, a number of industry heavyweights have ostensibly fallen victim to financial shortcomings, dropping the guise of fortitude in a hot second, so to speak. Bitmain and Huobi, both juggernauts in this nascent industry, are the most recent firms to have succumbed to the bear market blues.
Many in America may not realize it, but Huobi has been partying with crypto juggernauts for years now. The startup, headquartered in Singapore, reportedly houses over 1,000 employees, which is more than four times more than Binance’s staffer count. Huobi even created a Communist Party committee, a first for any crypto- or blockchain-centric company, as reported by NewsBTC. However, the startup’s status as the third largest crypto exchange hasn’t stopped it from falling victim to 2018’s Bitcoin plunge, and the fallout that resulted from the chaotic market.