Justin Sun, Tron founder and a member of Huobi's global advisory board told Reuters that Crypto exchange Huobi plans to lay off about 20% of its workforce.
He in a text message wrote that the "structural adjustment" has not started and is expected to be completed by the first quarter.
Justin Sun in an internal memo to Huobi staff said despite the worsening macro environment, Huobi was like a " fire in the (crypto) winter".
He called the restructuring a "short-term pain" that could ultimately benefit the exchange.
The layoffs come amid widespread reserve and solvency concerns following the FTX bankruptcy and a string of other bankruptcies over the past year.
Recently it was reported that Genesis has cut 30% of its workforce in a second round of layoffs in less than six months.
At the press time, Huobi token price is $4.50 USD and is down 4.64% in the last 24 hours.