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Breaking: Justin Sun Confirms 20% Of Staff Layoff At Huobi

Tron founder Justin Sun confirms 20% of staff layoff at the crypto exchange Huobi due to FTX contagion and ongoing restructuring.
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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.

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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

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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