Former OKEx CEO Chris Lee Joins Rival Crypto Exchange Huobi

Francisco Memoria
  • Merely one week after resigning as OKEx's chief executive officer, Chris Lee revealed he's joining Huobi, a rival cryptocurrency exchange.
  • The move is notable as both exchanges are competing for the number one spot, and for dominance in Asian markets.

Chris Lee, former chief executive officer at cryptocurrency exchange OKEx, has recently joined rival exchange Huobi, according to a press release. Notably, the move comes merely one week after Lee resigned from OKEx to take a short break to spend time with his family.

The press release states that Lee is now going to help spearhead Singapore-based Huobi’s international strategy, as its new vice president of global business development. Lee himself confirmed the news on Twitter, where he claimed he sees Huobi become the largest cryptocurrency exchange.

Lee reportedly left OKEx after growing tired of clashing with the company’s founder, Xu Mingxing. According to a statement he published on WeChat, Mingxing “is a tech guy and lacks communication skills.”

He got his position at OKEx after the company’s former chief executive, Star Xu, stepped down in February. In a public note on WeChat, he suggested the company hasn’t been able to keep senior executives.

"For my former employer, I have done all I could ... The first generation of OKCoin's international and management teams have left. How many of the second generation are still there? And how many CTOs have left in the last three to four years?"

Chris Lee

The now-former OKEx CEO resigned little after Chinese national media started claiming the company has been illegally trading bitcoin futures contracts in the country. Their accusations even stated OKEx had only moved its headquarters to Hong Kong on paper, and is registering in Belize to dodge regulations.

Looking forward, Lee is seemingly bullish. Referring to Huobi, he stated:

"For my former employer, I have done all I could ... The first generation of OKCoin's international and management teams have left. How many of the second generation are still there? And how many CTOs have left in the last three to four years?"

Chris Lee

 Huobi itself has recently been embroiled in controversy, as various Chinese traders complained several cryptocurrencies, including ONT and NEO, plummeted on the platform, liquidating their positions.

Lee’s move is notable, as both exchanges are rivals competing for a larger share of the Asian market. At press time, OKEx is currently the world’s largest cryptocurrency exchange with a 24-hour trading volume of over $1.7 billion. Huobi ranks third with a trading volume of little over $1 billion.

Tesla (TSLA) Stock up 90% Year-to-Date While Mainstream Auto Stocks Sink

Michael LaVere
  • Tesla (TSLA) stock is up 90 percent year-to-date while other mainstream auto manufacturers continue to struggle.
  • Tesla's Chinese business posted its best-ever month in March after delivering 10,160 vehicles. 

Tesla (NASDAQ; TSLA) stock is up more than 90% year-to-date (YTD) while mainstream auto companies are down 40% as investors bet on the electric vehicle maker during the crisis.

According to a report by Forbes, TSLA stock has continued to rise throughout 2020 and the coronavirus pandemic, despite mainstream auto manufacturers seeing their share prices crash. 

Data shows that at the beginning of the year, TSLA stock was trading at about $430, but a rather large uptrend saw its price grow to a new high of $917 before the coronavirus-induced market crash saw it drop significantly. Since then, Tesla's stock has recovered to now trade at $800.

TSLA price chart YTDSource: Google

The ongoing lockdown and economic impact has decreased the demand for new vehicles and reduced the number of drivers. General Motors (GM) shares are down 38% YTD, while Ford (F) has fallen 43% since the start of 2020. 

The report claims the coronavirus has disrupted mainstream automakers’ attempt to pivot to electric vehicles, solidifying Tesla’s market dominance over EVs. Tesla has also benefited from the aggressive stimulus policies of the US government. 

It reads, 

The S&P 500 has rallied by close to 30% from its March lows, driven by the U.S. government’s aggressive stimulus, and it’s likely that Tesla will be a key beneficiary if the economy improves, given its strong line-up of vehicles including the Model 3 and Model Y compact SUV.

Tesla’s Chinese business, driven by production at its Shanghai factory, has fared well through the pandemic. In March, the company recorded its best ever-month in China after delivering 10,160 vehicles, despite auto sales in the country plummeting 43% year-over-year. 

Analysts, as CryptoGlobe reported, have eyed a $2,000 price target for TSLA stock, betting on the company's growth in China and on its dominance in the EV market being maintained as consumers start focusing more on electric vehicles.

Featured Image Credit: Photo via Pixabay.com