Colin Wu finds out about mass layoffs on the Huobi exchange

The analyst also said that the company will not pay bonuses to employees at the end of the year

30.12.2022 - 13:30

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2 min

What’s new? Cryptocurrency exchange Huobi, recently bought by TRON blockchain CEO Justin Sun, will conduct large-scale layoffs. According to analyst Colin Wu, the platform plans to cancel all year-end bonuses, cut salaries for top executives and reduce staff from 1200 to 600-800 employees.

Justin Sun’s Huobi exchange will cancel all year-end bonuses, and will prepare to lay off the team of 1,200 people to 600-800 people, and cut the salaries of senior employees, according to several insiders. Exclusive— Wu Blockchain (@WuBlockchain) December 30, 2022

What is known about Huobi? It is a centralized exchange (CEX), founded in 2013 in Beijing. Currently based in Seychelles, it also has offices in Hong Kong, South Korea, Japan, and the US. The platform hosts 636 cryptocurrencies and 891 trading pairs. As of December 28, the daily trading volume is $386,5 million. The native token HT is used to receive fee discounts, as well as additional rewards and bonuses. The asset is trading at $5,18, down by 2,7% in 24 hours. It has a market capitalization of $839,3 million.

What else is known? In his December 30 statement, Wu cites exclusive information from several insiders. At the same time, two days earlier, Justin Sun reported on the successful performance of Huobi. According to him, since November the exchange recorded an inflow of 1,2 million new users (20 000 daily). He noted that Huobi has recently shown impressive growth, and such rapid development “is a testament to the hard work and dedication of our team, as well as the high demand for a user-friendly platform.”

On November 30, US crypto exchange Kraken laid off 1100 employees to adapt to the new market conditions. On December 4, Bybit exchange CEO Ben Zhou announced staff reductions as part of an ongoing business reorganization, and on December 26, Louis Liu, founder of Octopus Network, announced a 40% staff reduction and a 20% pay cut.

For how to find a job during layoffs at crypto companies, read GetBlock Magazine’s special feature.

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