{"id":28249,"date":"2023-01-06T17:24:55","date_gmt":"2023-01-06T17:24:55","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2023\/01\/06\/crypto-exchange-huobi-to-lay-off-20-of-staff-amid-crypto-winter\/"},"modified":"2023-01-06T17:24:55","modified_gmt":"2023-01-06T17:24:55","slug":"crypto-exchange-huobi-to-lay-off-20-of-staff-amid-crypto-winter","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2023\/01\/06\/crypto-exchange-huobi-to-lay-off-20-of-staff-amid-crypto-winter\/","title":{"rendered":"Crypto exchange Huobi to lay off 20% of staff amid \u2018crypto winter\u2019"},"content":{"rendered":"

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Cryptocurrency exchange Huobi Global<\/a>\u00a0today confirmed its intent to lay off 20% of its employees amid the current \u201cbear market,\u201d according to a statement given to Reuters<\/a>, following an ongoing trend across the crypto industry of layoffs amid market volatility.<\/p>\n

\u201cThe planned layoff ratio is about 20%,\u201d a Huobi spokesperson said in a statement. \u201cWith the current state of the bear market, a very lean team will be maintained going forward.\u201d<\/p>\n

Huobi currently employs 1,100 staff and has not yet implemented its layoff plans.<\/p>\n

This news follows reports that the exchange had become insolvent<\/a>. Justin Sun, the founder of the Tron blockchain, became an adviser for and the public face of Huobi in October, went to Twitter on Jan. 5 to deny the reports<\/a>, saying that the business was \u201cgood\u201d and that the \u201csecurity of users\u2019 assets will always be fully protected.\u201d<\/p>\n

The company representative also commented that insolvency reports were untrue and that the layoffs were aimed to \u201coptimize the structure\u201d and \u201cimprove efficiency\u201d of the business.<\/p>\n

Data from the analytics website\u00a0CoinGecko<\/a> has shown that Huobi\u2019s native HT token fell by nearly 11% over the past 24 hours, to $4.64. The exchange has also seen increased outflows over the past week, and its overall trading volume has dropped to $366 million from $443 million in the past 24 hours.<\/p>\n

Huobi was ranked as the eighth-largest crypto exchange by volume by CoinGecko<\/a> in November and currently draws 12 million visitors. Sun added that the platform has pulled in on average 20,000 new users a day over the past three months.<\/p>\n

The news of the layoffs was first reported by Colin Wu<\/a>, who said that the exchange planned to lay off about 40% of the staff from its team of 1,200 employees and cut the salaries of senior employees.<\/p>\n

A more recent follow-up said employees had been asked to take salaries in stablecoins, such as USDC and USDT, and those who could not would be dismissed. A move that \u201csparked protests from some employees,\u201d Wu said.<\/p>\n

Layoffs have struck the cryptocurrency industry hard amid harsh bear markets dubbed an extended \u201ccrypto winter,\u201d with certain crypto markets such as Bitcoin falling more than 60% since January 2022. Thursday, the cryptocurrency banking platform Silvergate Capital Corp. laid off 40%<\/a> of its workforce and crypto lender Genesis Global Trading Inc. cut its staff by 30%, after laying off 20% of its staff in August.<\/p>\n

This follows a string of other crypto companies laying off employees, including crypto exchanges Kraken reducing staff by 30%<\/a>, Coinbase Inc. cutting its staff by 18%<\/a>, Crypto.com cut staff by 30%<\/a>, and Bitmex by 30%<\/a>. Dapper Labs, the nonfungible token marketplace,\u00a0laid off 22%<\/a> of its workforce in November.<\/p>\n

Image: Huobi<\/h5>\n
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