NewsletterBreaking: Justin Sun Confirms 20% Of Staff Layoff At Huobi
Tron founder Justin Sun on Friday said the crypto exchange Huobi plans to layoff 20% of its staff. While advisor Justin Sun earlier denied rumors of layoffs, pay disputes, and conflict with employees, he asserts several “structural adjustment” has not started and is expected to be completed by the first quarter.
Justin Sun, who is a member of Huobi’s global advisory board, confirmed in a text message to Reuters that the crypto exchange is indeed planning to layoff employees.
In an internal notice to Huobi staff, Justin Sun said the crypto exchange has survived in the crypto winter. Moreover, Huobi had an average of 20,000 new users in the last three months.
The move comes as concerns about reserves and solvency at crypto exchanges mount following the collapse of FTX. Recently, crypto lender Genesis laid off 30% of its staff due to FTX contagion.
Justin Sun termed the restructuring as “short-term pains” that can eventually bring advantages to the exchange. As the news of tensions at Huobi reached investors, they started withdrawing their assets and selling crypto tokens related to Tron and Huobi.
Tron (TRX) price is currently trading at $0.05079, down 8% in the past 24 hours. USDD stablecoin also depegged against USD and currently trades at $0.979.
Justin Sun Calms Huobi FUD in Crypto Community
While Huobi faces problems of declining trading volume and revenue after the FTX crisis, Justin Sun believes the crypto exchange is performing better than other exchanges.
Justin Sun took to Twitter to calm the FUD surrounding Huobi facing bankruptcy risks. He said customers’ assets are safe and stored securely in cold wallets. The firm also employs the use of multi-signature technology and reliable cloud computing to protect user assets.
“Huobi has a strong focus on technology and security,and it has implemented a number of measures to ensure the safety of its users and their assets.”
Further, he asserts that the crypto exchange has committed to transparency and compliance. It follows all relevant laws and regulations of the countries in which it operates.
Also Read: Huobi Token Falls After Reports Of Internal Conflicts Surface
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Firelight Confirms November Mainnet as Flare TVL Rises and Xaman Introduces Smart Accounts
- Cardano News: Wirex Partners EMURGO To Launch First Ever ADA Card
- Hyperliquid Rival Lighter Raises $68 Million at $1.5 Billion Valuation
- $37B Bank SoFi Launches Crypto Trading For Retail Customers
- China’s CVERC Accuses U.S. of Stealing 127k Bitcoin Amid Rising Government Crypto Adoption
- Can Dogecoin Price Hold Above $0.17 Amid Weekly Surge?
- Chainlink Price Could Crash as 3 Risky Patterns Form Amid Whale Selling
- Cardano Price Could Reclaim $0.7 After Key Stakeholders Add $204M in ADA
- Uniswap Price Soars 21% on Fee Switch and Token Burn Proposal— Eyes $15 Target
- Bitcoin Price Eyes Bulls as Crypto Market Structure Bill Draft Finally Drops
- SUI Price Prediction: Analyst Eyes $20 Amid Bluefin Partnership and 2M Token Lending Deal
