Huobi confirms 20% lay-offs as Justin Sun downplays latest FUD | Invezz

cryptocurrency exchange Hubi has confirmed the company’s planned job cuts as part of measures to weather tough market conditions. This news is a native of his Huobi Token (HTUSD) is trading as low as $4.70, down more than 11% over the past week.

Huobi cuts 20% of its workforce

Reuters reort On Friday, January 6, 2023, Huobi plans to reduce its workforce by 20%, but this measure has not yet been implemented. However, the exchange said the current bear market conditions meant it would maintain a “very lean team” going forward.Huobi’s statement read:

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“The planned layoff rate is around 20%, but it is not currently being implemented. In the current state of the bear market, we will continue to have a very lean team going forward.”

Job cuts are pending, but Tron founder Justin Sun, an adviser to Huobi, told Reuters the move is part of a “structural adjustment” and is expected to be completed within the next three months. I’m talking According to Sun, Huobi has 1,100 employees and whatever happens will only be “short-term pain.”

Ignore FUD

The news of the layoffs comes amid a massive uproar over Huobi, with concerns about the exchange’s bankruptcy gripping Crypto Twitter.

Crypto Intelligence Platform highlight On Friday when that Huobi appearedhave internal troubleAccording to the platform, many employees at the exchange were barred from their workplace messaging channels amid reports that their workplace messaging channels were shut down.

Huobi is also considering paying workers in USDT or USDC stablecoins instead of fiat, sparking employee outcry, cryptocurrency journalist Colin Wu highlighted earlier this week.

but the sun To tell The exchange is ignoring all fear, uncertainty, and doubt, and remains focused on the long-term rather than short-term distractions.

“We were founded with the goal of making it easier and more convenient for people to trade cryptocurrencies. We remain committed to this mission and by staying focused on doing what we do best. , I believe we can weather any storm.”