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Cryptocurrency exchange Huobi is laying off 20% of its employees, according to multiple reports over the past two days. However, Huobi adviser Justin Sun, the founder of Tron, told the South China Morning Post that the reports of the layoffs were false. A Huobi spokesperson later confirmed that the staff cuts were real and that Huobi planned to maintain “a very lean team” going forward.
Huobi’s Justin Sun denies layoffs amid controversy and alleged employee protests
According to reports, digital currency exchange Huobi has laid off around 20% of its staff. Colin Wu first reported on the situation on December 30, 2022 and said, “Justin Sun’s Huobi exchange will cancel all year-end bonuses and prepare to lay off the 1,200-person team at 600-800 people, and cut the salaries of senior employees, according to several insiders. Wu then added an update on January 5, stating that:
Justin Sun HR communicates with all Huobi employees to change [their] USDT/USDC fiat currency salary form; employees who cannot accept it can be made redundant. This decision sparked protests from some employees.
As speculation grew, Sun was asked about the situation by reporters from the South China Morning Post (SCMP) and denied the layoffs were taking place. However, a report from Coindesk confirmed that the speculation about the dismissal was true. “With the current state of the bear market, a very lean team will be maintained going forward,” a spokesperson for Huobi told Coindesk via email.
.@HuobiGlobal is an exchange that was founded in 2013 and has since grown to become one of the most popular exchanges in the world. Huobi places a strong emphasis on technology and security, and has implemented a number of measures to ensure the safety of its users and their assets.
— HE Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) January 6, 2023
In addition to the staff cuts, another report from Twitter suggests that Huobi employees created fake Twitter accounts to complain to Sun about the situation. “Apparently, Justin Sun attempted to dissolve the company (which would presumably leave all employees unemployed),” the report details. The report also said that Huobi’s problems were similar to the situation when Hooexchange’s “CEO carpet fired its employees.”
On January 5, 2023, Sun attempted to reassure the community that all was well in a tweet posted in Chinese. A rough translation of the tweet says:
The recent dynamic of business development [Huobi Global is] good, and the basic indicators maintained high-speed growth. The average daily growth rate of new registered users and capital inflows exceeds the peak of 2022. And the first thousand times that coins such as Pi and Bonk were born, and the trading volume of related currencies ranked first in the industry, leading a number of industry hot spots and continue to drive market recovery.
According to the Twitter report, there have been many replies written in Chinese claiming that things are not going well at Huobi. A specific tweet written in Chinese alleges that “Huobi’s Merkle tree and trade volume officially announced by Huobi are fake.” The individual adds that Sun should “adjust employee salaries” and “if you want to terminate employees, please respect labor laws.”
On January 6, 2023, Sun shared several tweets emphasizing that the exchange was still in good standing, saying “At [Huobi Global]we believe the key to success in the cryptocurrency world is to “ignore the FUD and keep building”.
Tags in this story Bear Market, Bonk, Business Dynamics, Capital Inflows, Chinese, Coin Creation, Crypto Exchange, Cryptocurrency, Denial, Dissolution, Employee Salaries, Employees, Exchange, Fake Accounts, FUD, Huobi, Huobi Layoffs, indicators, industry leader, justin sun, labor law, layoffs, lean team, Merkle tree, new registered users, Pi, protests, registered users, responses, salary change, social media, speculation, staff cuts , trading volume, translation, tron, Tron founder, Tweet , Twitter, salary settlement
What are your thoughts on the Huobi layoffs and speculation surrounding the crypto exchange? Share your thoughts on this in the comments section below.
Jamie Redman
Image credits: Shutterstock, Pixabay, Wiki Commons
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