According to multiple reports over the past two days, cryptocurrency exchange Huobi has laid off 20% of its employees. However, Justin Sun, an advisor to Huobi and founder of Tron, told the South China Morning Post that the layoff reports were untrue; a Huobi spokesperson later confirmed that the layoffs were true and that Huobi will continue to maintain a “very lean team” plans to maintain a “very lean team.
Huobi’s Justin Sun has denied layoffs amid controversy and alleged employee protests
18} according to reports {/19} digital currency exchange Huobi has laid off about 20% of its staff; Colin Wu first reported the situation on December 30, 2022, stating “According to several insiders, Justin Sun’s Huobi exchange will cancel all year-end bonuses, prepare to lay off its 1,200-person team to 600-800 people, and cut the salaries of senior employees.” Wu then added an update on January 5,stating
Justin Sun’s HR will be in contact with all Huobi employees to change their pay form from fiat toUSDT/USDC / Any employee who cannot accept it may be fired. The move sparked protests from some employees.
Amidst speculation, Sun was askedby a South China Morning Post (SCMP) reporter about the situationand denied that layoffs were taking place. However, areport by Coindeskconfirmed that the layoff speculation was true.” In the current state of the bear market, a very lean team will be maintained going forward,” a Huobi spokesperson told Coindesk in an email.
.@HuobiGlobalwas founded in 2013 and has since grown to become one of the most popular exchanges in the world.Huobi focuses on technology and security and has implemented various measures to ensure the safety of its users and their assets.
– Justin Sun🌞🇬🇹 (@justinsuntron) January 6, 2023
In addition to the staff reductions, anotherreportoriginating from Twitter reported that Huobi employees created fake Twitter accounts and complaining about Sun.” Apparently Justin Sun tried to dissolve the company (possibly causing all employees to lose their jobs),” the report details. The report alsostates that Huobi’s problems are “similar to the situation when the CEO of Hooexchange pulled out his employees.”
Recent business development momentum (for Huobi Global) has been good, with core metrics maintaining fast growth. Average daily growth rates in new registered users and capital inflows have exceeded their 2022 peaks. And the first 1000 times coins such as Pi and Bonk have been created, leading many industry hotspots with the #1 trading volume of related currencies