Huobi to Lay Off 20% Staff - Huobi

Huobi to Lay Off 20% Staff

Huobi, a cryptocurrency exchange, will lay off 20% of its staff due to the crypto winter, despite Justin Sun, the inventor of Tron and a Huobi consultant, previously denying the plan.

“The intended layoff ratio is roughly 20%, although it is not executed at this time,” said Huobi. In light of the present bear market, a relatively small crew will be kept in place moving ahead.

Huobi Global’s public face and member of the global advisory board Justin Sun said in a previous interview with SCMP that reports of layoffs at Huobi were unfounded.

Huobi’s “structural adjustment,” according to Justin Sun, has not yet started but is expected to be done by the first quarter.

Sun said that despite the worsening macroeconomic environment, the firm has been “a fire in the (crypto) winter” in an internal communication to Huobi staff. According to reports, the restructure would only lead to “short-term discomfort” and may eventually be advantageous for the exchange.

Chinese journalist Colin Wu of WuBlockchain, who tweeted in December that Huobi Exchange will cancel all year-end bonuses, get ready to reduce its team of 1,200 workers to 600-800, and lower senior staff’s salary, was the first to report the layoffs.

An earlier tweet from WuBlockchain said that Justin Sun’s HR is in touch with every employee at Huobi to switch the pay form from fiat money to USDT/USDC; employees who refuse to accept it run the danger of being dismissed.

The Huobi allegedly restricted all communication and feedback channels with employees, including a communication group with internal employees.

Justin Sun is trying to calm the FUD surrounding Huobi in a series of tweets “At @HuobiGlobal, we believe that the key to success in the world of cryptocurrency is to “Ignore FUD and Keep Building.”

Compiled by Coinbold


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