What’s happening at Huobi?

The crypto exchange confirmed that it will lay off 20% of its employees. There are signs of more turmoil.
Key TakeawaysHuobi confirmed its plans to reduce its workforce by 20%.
Rumours suggest that the exchange has also shut down internal communication channels, forcing employees to receive their wages in stablecoins and cancelling various employee benefits.
Justin Sun also moved more than $100 million in stablecoins earlier today to the exchange.
Share this articleHuobi Global is being plagued by rumors. Justin Sun was rumored in October to have acquired the crypto exchange through an intermediary company. Huobi has denied some claims and confirmed others. Huobi is in trouble. The crypto exchange today confirmed that it would be cutting 20% of its workforce. This news comes as Huobi is believed to have shut down its internal communication and feedback channels. According to reports, the company is requiring domestic employees to register for Huobi accounts to receive stablecoins-based salaries. It is also believed to have cancelled various employee benefits. “The planned layoff rate is approximately 20%, but it’s not being implemented now. A spokesperson for the company stated that a lean team would be maintained in the face of the bear market. They denied that feedback and communication channels were closed and denied that employee benefits had been cut. According to CoinRanking Huobi Global is currently the 10th biggest crypto exchange in terms of trading volume. Huobi founder Leon Li began to publicly announce his interest in selling 60% of the company’s stake in August 2022; by October, the exchange had reached a deal with About Capital in Hong Kong, giving it control over a majority stake. Justin Sun, Troon founder, is rumored have used About Capital as an intermediary to acquire Huobi. Sun denied the claims and said he was only an advisor to the company. On-chain data suggests that Sun transferred approximately $100 million USDT and USDC to Huobi earlier today. He also took to Twitter to reassure Huobi customers, encouraging them to “ignore the FUD and keep building.”Disclaimer: At the time of writing, the author of this piece owned BTC, ETH, and several other crypto assets.Share this articleThe information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. does not provide investment advice. We do not provide personalized investment advice or any other financial advice. This website’s information is subject to change at any time. The information on this website could become obsolete or incorrect. You may not be able to update any information that is outdated, incomplete or inaccurate. We also reserve the right to change any information that is incorrect, incomplete or outdated. If you need investment advice about an ICO, IEO or other investment, we strongly recommend that you consult a licensed financial advisor or other qualified financial professional. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.See full terms and conditions.Recommended News