Houbi to Layoff 20% of its Staff, Sparks Insolvency Rumor

Houbi to Layoff 20% of its Staff, Sparks Insolvency Rumor

Share Post:

There have been reports from multiple sources in the past days about Huobi laying off 20% of its workforce, a report that sparked controversies regarding the exchange in the community.

Huobi Layoff Sparks Insolvency Rumor

As per a recent report by Reuters, the crypto exchange Huobi Global has laid off 20% of its staff, a report that spurred discussion in the community about whether or not the exchange is solvent.

On December 30, Colin Wu reported a situation related to the recent report, according to Wu;

“Justin Sun’s Huobi exchange will cancel all year-end bonuses, and will prepare to lay off the team of 1,200 people to 600-800 people, and cut the salaries of senior employees, according to several insiders.” Wu later added an update on Jan. 5, stating that:

“Justin Sun’s HR is communicating with all Huobi employees to change [their] salary form from fiat currency to USDT/USDC; employees who cannot accept it may be dismissed. The move sparked protests from some employees.”

Regardless of the market condition, people are spending crypto, therefore, join the league of the biggest spenders of crypto by building your portfolio through personal interaction with our experts on Binance, Kucoin, and Bybit exchanges. Our crypto trading experts will share with you crypto signals which can make you a fortune.

Use PRO20% for your special 20% discount today as the promo expires soon. Click here to see reviews from our clients.

JUSTIN Sun Reacted to the Report

As the discussion about the solvency of Huobi exchange continues, Justin Sun, the founder of Tron and the current Huobi advisor has been questioned by South China Morning Post (SCMP) for confirmation of the reports.

According to Sun, the insolvency rumors about Huobi were untrue, he however affirmed this in a tweet on Friday.

As concerns about the Huobi staff layoff grew, another report sparked up on Twitter alleging that Huobi workers have created fake accounts on Twitter to complain to Justin Sun regarding the situation. 

“Apparently Justin Sun tried to dissolve the company (which would presumably leave all the employees unemployed),” the report stated.

Join our telegram channels where we share our FREE updates and analysis on coins like BTC, ETH, and other trending altcoins. We also share our FREE secret insights, and also FREE market updates.

Leave a Replay

Subscribe
Notify of
guest

0 Comments
Inline Feedbacks
View all comments

Recent Articles

Follow Us

Start earning Profit

We aim to provide our ParadiseMembers with as much information as we can to ensure to maximize long-term profit, no matter if we are in a bullish or bearish market. We are a large scale cryptocurrency community providing you with access to some of the most exclusive life changing cryptocurrency signals, analysis, guidance and much more Trade crypto like a pro