• Justin Sun, rumored to be the shadow owner of Huobi Global, confirmed that the crypto exchange was laying off a significant portion of its workforce.
• This news followed rumors circulating in the crypto community, all of which concluded that Huobi was reportedly insolvent.
• Justin Sun told Reuters via text message that Huobi had indeed laid off 20% of its staff, which was estimated to be around 300 workers.
In recent news, Justin Sun, the founder of TRON and rumored to be the shadow owner of Huobi Global, has confirmed that the crypto exchange is laying off a significant portion of its workforce. This news follows the numerous rumors circulating in the crypto community, all of which concluded that the exchange was reportedly insolvent.
The rumors started when employees were asked to take their salary payments in stablecoins such as USDC or risk being fired. This was followed by a tweet which included screenshots that the exchange had shut down its communication channels for employees, leading many to believe that some people were let go.
Justin Sun finally confirmed the rumors when he sent a text message to Reuters on Friday morning, stating that Huobi had indeed laid off 20% of its staff. This was estimated to be around 300 workers, and Sun referred to this move as a “structural adjustment”.
The news of Huobi’s layoffs has come as a surprise to many in the crypto community, as the exchange has been one of the major players in the industry for many years. It remains to be seen if Huobi will be able to survive this restructuring, and what the future holds for the exchange and its employees.