{"id":28587,"date":"2023-01-09T02:52:59","date_gmt":"2023-01-09T02:52:59","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2023\/01\/09\/huobi-to-layoff-20-of-the-workforce\/"},"modified":"2023-01-09T02:52:59","modified_gmt":"2023-01-09T02:52:59","slug":"huobi-to-layoff-20-of-the-workforce","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2023\/01\/09\/huobi-to-layoff-20-of-the-workforce\/","title":{"rendered":"Huobi To Layoff 20% Of The Workforce"},"content":{"rendered":"

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According to reports cited by Reuters, cryptocurrency exchange Huobi plans to let go of 20% of its workforce.<\/span><\/p>\n

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.<\/span><\/p>\n

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Sun said that rumors of the planned layoffs were \u201cuntrue\u201d in an interview with the Chinese news site South China<\/a> Morning Post.<\/span><\/p>\n

However, rumors concerning purported financial problems at Huobi have been making the rounds recently.\u00a0<\/span><\/p>\n

Huobi Denies Insolvency Rumors<\/b><\/span><\/h2>\n

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

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Huobi has been contacted by Decrypt for comment on the reports, and we\u2019ll update this article when we hear back.<\/span><\/p>\n

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\u2019s operations were in good shape and that user assets were completely safeguarded. It will \u201ccompletely respect the legal demands of local employees,\u201d he further pledged.<\/span><\/p>\n

Even though the exchange hasn\u2019t operated in the United States since 2019, these outstanding results are still obtained.\u00a0<\/span>In anticipation of an \u201cextended\u201d crypto winter, Coinbase stated in July 2022 that it will fire 1,100 people, or 18% of its staff.<\/span><\/p>\n

Kraken followed Coinbase\u2019s lead and reduced its employment by 30%, or around 1,100 people, towards the end of November 2022.<\/span><\/p>\n<\/div>\n