Cryptocurrency exchange Huobi to slash off 20% of its employees citing crypto winter after Tron founder and Huobi adviser Justin Sun denied the move a few days back.
Huobi stated “The planned layoff ratio is about 20%, but it is not implemented now. With the current state of the bear market, a very lean team will be maintained going forward.”
Justin Sun, a member of the Global Advisory Board of Huobi Global, also serves as the exchange’s public face, claimed in an earlier interview with SCMP that rumors about layoffs at Huobi were untrue.
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Justin Sun stated that Huobi’s “structural adjustment” has not yet begun and is anticipated to be finished by the first quarter.
In an internal message to Huobi personnel, Sun stated that despite the deteriorating macro climate, the company has been “a fire in the (crypto) winter.” The restructuring apparently will only cause “short-term pains” and may ultimately benefit the exchange.
The first source to break the news of the layoffs was Chinese journalist Colin Wu of WuBlockchain, who tweeted in December that Huobi Exchange would cancel all year-end bonuses, prepare to shrink its team of 1,200 employees to 600-800, and slash senior staff’s pay.
WuBlockchain tweeted earlier that Justin Sun’s HR is in contact with all Huobi staff members to shift the salary form from fiat currency to USDT/USDC; staff members who are unable to accept it risk being fired.
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.”
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