Huobi Cuts 20% of Staff in Response to Crypto Bear Market

• Huobi, a cryptocurrency exchange, is reportedly laying off 20% of its employees.
• Justin Sun, Huobi’s advisor and the founder of Tron, initially denied the reports, but a Huobi spokesperson later confirmed them.
• The layoffs were reportedly met with protests from some of the employees.

Huobi, one of the world’s most popular cryptocurrency exchanges, has been hit with controversy as reports of employee layoffs have surfaced. According to multiple reports, Huobi is laying off 20% of its staff in response to the current bear market.

Justin Sun, Huobi’s advisor and the founder of Tron, initially denied the reports when approached by the South China Morning Post (SCMP). However, a Huobi spokesperson later confirmed the layoffs to Coindesk, saying that the exchange plans to maintain „a very lean team“ going forward.

The news of the layoffs has been met with protest from some of the affected employees. Colin Wu first reported on the situation on Dec. 30, 2022, stating that Huobi was cancelling all year-end bonuses and planning to reduce its staff from 1,200 to 600-800 people. Wu also mentioned that Huobi’s HR was communicating with all employees to change their salary form from fiat currency to USDT/USDC, with those who refused to accept the change potentially being dismissed.

The ongoing bear market has forced cryptocurrency exchanges to take drastic measures in order to remain competitive and maintain their operations. Huobi is no exception and the exchange has taken steps to ensure its survival. The 20% staff cut is a major decision and one that has sparked both controversy and speculation. It is unclear what the long-term effects of the move will be, but one thing is certain: the cryptocurrency industry is undergoing a major transformation and Huobi is just one of many exchanges that are feeling the effects.