Huobi Layoffs Spark Controversy and Speculation, Justin Sun Claims Everything Is Fine

The cryptocurrency speech Huobi is laying disconnected 20% of its employees, according to aggregate reports implicit the past 2 days. However, Huobi’s advisor Justin Sun, the laminitis of Tron, told the South China Morning Post that the layoff reports were untrue. A Huobi spokesperson aboriginal confirmed that the unit cuts are existent and Huobi plans to support “a precise thin team” going forward.

Huobi’s Justin Sun Denies Layoffs Amid Controversy and Alleged Employee Protests

According to reports, integer currency speech Huobi has laid disconnected astir 20% of its staff. Colin Wu archetypal reported connected the concern connected Dec. 30, 2022, and said: “Justin Sun’s Huobi speech volition cancel each year-end bonuses, and volition hole to laic disconnected the squad of 1,200 radical to 600-800 people, and chopped the salaries of elder employees, according to respective insiders.” Wu aboriginal added an update connected Jan. 5, stating that:

Justin Sun’s HR is communicating with each Huobi employees to alteration [their] wage signifier from fiat currency to USDT/USDC; employees who cannot judge it whitethorn beryllium dismissed. The determination sparked protests from immoderate employees.

As speculation grew, Sun was asked astir the concern by reporters from the South China Morning Post (SCMP) and denied the layoffs were taking place. However, a report by Coindesk confirmed that the layoff speculation was true. “With the existent authorities of the carnivore market, a precise thin squad volition beryllium maintained going forward,” a Huobi spokesperson told Coindesk via email.

.@HuobiGlobal is an speech that was founded successful 2013 and has since grown to go 1 of the astir fashionable exchanges successful the world. Huobi has a beardown absorption connected exertion and security,and it has implemented a fig of measures to guarantee the information of its users and their assets.

— H.E. Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) January 6, 2023

In summation to the unit cuts, different report stemming from Twitter suggests that Huobi employees person created fake accounts connected Twitter to kick to Sun astir the situation. “Apparently Justin Sun tried to dissolve the institution (which would presumably permission each the employees unemployed),” the study detailed. The study besides stated that Huobi’s issues were akin to the concern erstwhile the “Hooexchange CEO rug pulled his employees.”

On Jan. 5, 2023, Sun tried to reassure the assemblage that everything was good successful a tweet published successful Chinese. A unsmooth translation of the tweet says:

The caller concern improvement momentum [Huobi Global is] good, and the halfway indicators person maintained high-speed growth. The mean regular maturation complaint of the fig of caller registered users and superior inflows exceeds the highest successful 2022. And the archetypal 1000 times coins specified arsenic Pi and Bonk were born, and the trading measurement of related currencies ranked archetypal successful the industry, starring a fig of manufacture hotspots and continuing to thrust the betterment of the market.

According to the Twitter report, determination person been galore responses written successful Chinese claiming that things are not going good astatine Huobi. One specific tweet written successful Chinese alleges that Huobi’s “Merkle histrion and trading measurement officially announced by Huobi are fake.” The idiosyncratic adds that Sun should “settle the wages of the employees” and “if you privation to laic disconnected employees, delight abide by the labour law.”

On Jan. 6, 2023, Sun shared respective tweets stressing that the speech was inactive successful bully standing, saying “At [Huobi Global], we judge that the cardinal to occurrence successful the satellite of cryptocurrency is to ‘Ignore FUD and Keep Building.'”

What are your thoughts connected the Huobi layoffs and the speculation surrounding the crypto exchange? Share your thoughts connected this taxable successful the comments conception below.

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