• Justin Sun, founder of TRON, confirmed that Huobi Global is laying off a significant portion of its staff.
• Rumors had been circulating on social media that the crypto exchange was asking employees to take their salary payments in stablecoins or risk being fired.
• Huobi has been shuttering its communication channels for employees and it is expected that around 300 workers will lose their jobs from this move.
Huobi Global, the cryptocurrency exchange owned by Justin Sun, founder of TRON, has confirmed that it is laying off a significant portion of its workforce in what Sun has referred to as a “structural adjustment.” This follows days of rumors which had been circulating on social media that Huobi was asking its employees to take their salary payments in stablecoins such as USDC or risk being fired.
The rumors had started when tweets surfaced online that the crypto exchange had shut down its communication channels for employees. One tweet which carried screenshots said that all intra-employee instant messaging apps had been shut down and that some people were fired. These rumors were then confirmed by Sun himself in a text message sent to Reuters on Friday morning.
The layoffs are expected to affect around 300 workers, and while the reason for the layoffs has not been disclosed, it is likely due to the challenging market conditions that the crypto industry has seen in the past year. The turbulence in the markets has caused a lot of exchanges to reduce staff, with Huobi being one of the latest to do so.
Huobi is one of the oldest and largest cryptocurrency exchanges in the world, and has been a major player in the industry since it was founded in 2013. It currently has offices in China, Singapore, and Japan, and offers services in more than 130 countries and regions.
It remains to be seen how the layoffs will affect Huobi’s operations, but it is likely that the exchange will have to make some changes in order to stay competitive in the long run. Despite the layoffs, Huobi is still one of the most popular exchanges in the crypto space and is likely to remain so for the foreseeable future.