Huobi Confirms 20% Layoffs: Crypto Markets Left Wary and Bated Breath

• Huobi, a crypto exchange, has confirmed a 20% headcount reduction.
• This comes after reports of Huobi requiring employees to take their salaries in stablecoins, closing internal staff communication channels, and outflows of $64 million in the past 24 hours.
• Justin Sun, Huobi’s adviser, has denied the Huobi layoffs.

The crypto world has been abuzz with news of Huobi, one of the world’s largest crypto exchanges, announcing a 20% reduction in its employee base. This news comes a week after reports of Huobi requiring its employees to take their salaries in stablecoins and closing internal staff communication channels to quell a rebellion.

The news of the layoffs has caused a lot of market concern, with outflows from the exchange totaling $64 million in the past 24 hours, according to Nansen. This has had a significant effect on the price of Huobi’s exchange token, as well as its trading volume, which has dropped by 23%.

In an attempt to calm the markets, Huobi adviser Justin Sun, who has been representing the company publicly, denied the Huobi layoffs. However, his words seemed to have little effect, as the news of the layoffs caused a further sell-off in the exchange’s token.

The “Hash” panel discussed the recent news, pointing out that Huobi is the latest in a string of centralized exchanges hit by the collapse of FTX. It remains to be seen how Huobi will fare in the coming weeks and months, as the market continues to be wary of its future.

With the crypto market continuing to be volatile, many are watching Huobi closely to see how it will navigate the choppy waters. It is clear that the exchange still has a lot of work to do to restore its reputation and rebuild investor confidence. Until then, the crypto world awaits further news from Huobi with bated breath.

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