Huobi Token Falls After Reports Of Internal Conflicts Surface

Native token of the Chinese crypto exchange Huobi Global, Huobi Token, is down nearly 9% in the last 24 hours after reports of internal strife surfaced on social media. The trading volume of the crypto exchange is also down 23% in the last 24 hours.

Internal strife reported at Huobi Global

Earlier this week, it was reported that Huobi Global is asking employees to take salaries in stablecoins instead of fiat currencies, and if the employees refused they might get fired from the company. Now, it is being reported that the crypto exchange has blocked all internal communication groups in an attempt to curb down rebellion. Post these reports, trading volume of Huobi Global and the value of its native token fell sharply. At the time of writing, Huobi Token is down 9%, trading at $4.34. The token is down nearly 30% in the last 30 days.

Justin Sun announces 20% lay-off

Wu Blockchain reported earlier this month that Huobi Global is looking to lay off a large number of employees. Today, Justin Sun confirmed to Reuters that Huobi will lay off 20% of its staff. In an internal memo to Huobi staff, Justin Sun said that they have been like “fire in this crypto winter.” However, he did not comment on the reports of internal conflict at the exchange.

Justin Sun led Tron’s algorithmic stablecoin USDD also seemed to depeg yesterday. The stablecoin reached as low as $0.9754.