🌀FN Depth | What's Wrong with HashKey, Which is Deeply Involved in Public Opinion Storms?
What happened to HashKey, the first licensed retail cryptocurrency exchange in Hong Kong, whose platform coin plummeted 85% in half a year?
According to CoinGecko data, from December 30, 2024 to May 30, 2025, HSK fell from a high of 2.38 U to 0.35 U, a drop of 85%. The high drop rate was unexpected by many ecological supporters, token holders, and even HashKey employees, who suffered high investment losses as a result.
"I even want to defend my rights because of the drop." A former HashKey employee said helplessly. There may be quite a few HashKey employees who hold this view. "It is estimated that more than 200 current and former employees hold HSK."
"Almost all employees of the HashKey exchange and public chain hold HSK, and many employees' bonuses are also paid in HSK." It is understood that HashKey internal employees can exchange up to 50% of their salary for HSK tokens. Many employees not only hold HSK through bonuses, but also exchange their monthly salary for $HSK.
Behind the poor performance of HSK, some deeper problems in the development of HashKey are gradually emerging.
"The high cost makes HashKey overwhelmed and needs to seek further financing to support the continued development of its existing multi-line business." Another practitioner said.
According to several people familiar with the matter, HashKey's financial situation is relatively tight. An unnamed practitioner said: HashKey has recently launched a large-scale layoff, one-third of the employees were laid off, and some IT suppliers were delayed payment or even terminated.
Two practitioners from different companies but close to HashKey said: "HashKey has almost only half a year of cash flow on its account."
In response, @joezhoublack verified the above information with HashKey officials. HashKey said: It is true that some HSK is issued to the team as an incentive, and high compliance costs are a fact. However, HashKey said that the recent large-scale layoffs are not true, and there have been no layoffs, and said that the group's global headcount has remained at 600+.
What exactly happened to HashKey that caused its token price to fluctuate so much? What is the current financial and profit situation, and through what channels is it seeking new financing? What problems in the development of Hong Kong's crypto industry ecosystem over the past three years are reflected in the development problems shown by HashKey? This has become a topic of concern for many practitioners.
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