Colin Wu reports on the forced transfer of Huobi exchange employees’ salaries in USDT and USDC

According to the analyst, employees who refused the new form of payment may be dismissed

04.01.2023 - 15:20

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2 min

What’s new? The human resources department of the Huobi crypto exchange, recently bought by TRON blockchain CEO Justin Sun, is negotiating with all employees to change their payment form from fiat currency to Tether (USDT) and USD Coin (USDC) stablecoins. According to analyst Colin Wu, employees who refuse the new form of payment may be dismissed. The move has reportedly sparked protests from some employees.

Justin Sun's HR is communicating with all Huobi employees to change the salary form from fiat currency to USDT/USDC; employees who cannot accept it may be dismissed. The move sparked protests from some employees. Exclusive https://t.co/QB4sjDyHc7 — Wu Blockchain (@WuBlockchain) January 4, 2023

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 638 cryptocurrencies and 893 trading pairs. As of January 4, the daily trading volume is $466,8 million. The native token HT is used to receive fee discounts, as well as additional rewards and bonuses. The asset is trading at $5,22, down by 1,3% overnight. It has a market capitalization of $846,9 million.

Earlier, Colin Wu learned of massive layoffs on Huobi. The analyst also said that the company will not pay year-end bonuses to employees, will cut salaries to top executives, and reduce the staff from 1200 to 600–800 employees.

On December 28, Justin Sun reported on the successful performance of Huobi. According to him, since November the exchange recorded an influx 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.”

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