Justin Sun denies rumors of Huobi’s insolvency

What’s new? TRON blockchain CEO and owner of the Huobi cryptocurrency exchange Justin Sun posted a series of tweets about rumors and insolvency and negative information about problems with the platform. He stated that the key to success in the cryptocurrency world is to “Ignore FUD and Keep Building.”

At @HuobiGlobal, we believe that the key to success in the world of cryptocurrency is to "Ignore FUD and Keep Building." — H.E. Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) January 6, 2023

What other statements have been made? According to Sun, Huobi remains focused on the long term and does not succumb to short-term distractions and rumors. The platform continues to invest in technology and security to ensure the safety of customer funds. The exchange remains flexible and open to new ideas and adapting to the changing world of cryptocurrency. Huobi’s main goal is to offer people a reliable and proven platform for buying, selling, and trading cryptocurrencies.

Huobi 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 United States. The platform hosts 626 cryptocurrencies and 881 trading pairs. As of January 6, the daily trading volume is $366,4 million. The native token HT is used to receive fee discounts, as well as additional rewards and bonuses. The asset is trading at $4,78, up 1,12% in 24 hours. It has a market capitalization of $733,7 million.

Earlier, analyst Colin Wu reported on the forced conversion of Huobi employees’ salaries to USDT. According to him, employees who refuse the new form of payment may be fired. In another publication, Wu said that Huobi is not planning to pay year-end bonuses to employees, but will cut salaries for top executives and reduce staff from 1200 to 600–800 employees.

On January 6, Justin Sun confirmed the information about the plans to lay off about 20% of employees. According to Sun, the “structural adjustment” has not yet begun but is expected to be completed by the end of Q1. He called the restructuring “short-term pains,” which could eventually bring benefits to the exchange.