Justin Sun has revealed a $US98 million profit for cryptocurrency exchange HTX, previously known as Huobi Global, during third quarter of 2023.

In a tweet, Sun detailed that the platform generated total revenues of $US202 million in Q3, which were partially offset by $US104 million in expenses, resulting in a net profit of $US98 million.

Looking ahead to the fourth quarter of 2023, Sun predicts revenue of $US190 million and expenses of $US88 million, potentially leading to a profit of $US104 million.

Sun said he remains optimistic that the cryptocurrency bear market is nearing its end and anticipates a recovery starting from Q4 2023 and extending into Q1 2024.

Despite the positive outlook, HTX has encountered operational difficulties. The exchange has downsized its workforce from 2,500 employees to 900 during the year.

In January, reports disclosed of a staff rebellion being quelled by the company after the reduction of salaries and bonuses due to declining revenues.