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Friday, February 3, 2023

Huobi To Layoff 20% Of The Workforce

According to reports cited by Reuters, cryptocurrency exchange Huobi plans to let go of 20% of its workforce.

As recently as last week, Justin Sun, a well-known crypto entrepreneur who joined the business as an advisor in October 2022, rejected claims that the company was about to lay off employees.

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Sun said that rumors of the planned layoffs were “untrue” in an interview with the Chinese news site South China Morning Post.

However, rumors concerning purported financial problems at Huobi have been making the rounds recently. 

Huobi Denies Insolvency Rumors

Independent crypto journalist Colin Wu revealed last week that staff salaries were being paid in stablecoins like USDT and USDC, which purportedly led to a huge uproar from employees.

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Huobi has been contacted by Decrypt for comment on the reports, and we’ll update this article when we hear back.

It is one of the biggest cryptocurrency exchanges in the world, according to data from CoinGecko, with 12.5 million monthly visits and a daily volume of $367 million. The information was released shortly after Sun officially denied allegations that Huobi was bankrupt, asserting that the exchange’s operations were in good shape and that user assets were completely safeguarded. It will “completely respect the legal demands of local employees,” he further pledged.

Even though the exchange hasn’t operated in the United States since 2019, these outstanding results are still obtained. In anticipation of an “extended” crypto winter, Coinbase stated in July 2022 that it will fire 1,100 people, or 18% of its staff.

Kraken followed Coinbase’s lead and reduced its employment by 30%, or around 1,100 people, towards the end of November 2022.

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