Huobi Quietly Kills iToken; Cloud Wallet That Supported 20 Blockchains

Justin Sun’s crypto exchange abruptly cut support for its user-friendly, multi-chain wallet.

A sniper trying to shoot a cloud wallet.
  • Huobi abruptly ended support for its cloud wallet solution.
  • The exchange dropped support for iToken on Monday. Users have three months to withdraw funds. 
  • Earlier, Justin Sun announced that Houbi would cut 20% of its workforce.

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. 

On the Flipside

  • Huobi’s owner is likely Tron founder Justin Sun. Officially, he is an advisor to the exchange. 
  • Houbi recently listed the controversial FTX Users’ Debt (FUD) token. The Tron-based token by an unknown DebtDAO has no relation to the bankrupt exchange FTX.  

Why You Should Care

Cuts to programs and staff could be a sign that Huobi is struggling. This may affect the Huobi token and the entire Tron ecosystem. 

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

David Marsanic

David Marsanic is a journalist for DailyCoin who covers the intersection of crypto, traditional finance, and government. He focuses on institutionalized crypto entities like major cryptocurrency exchanges and Solana, breaking down complex topics into easy-to-understand writing. David's prior experience as a business journalist at various crypto and traditional news sites has enabled him to maintain a critical approach to news while adhering to high journalistic integrity standards.