• Justin Sun, founder of TRON, has confirmed that Huobi Global is laying off a significant number of its employees.
• This comes amid several rumors in the crypto community that Huobi is reportedly insolvent.
• Sun stated that this was a “structural adjustment” and around 300 workers would lose their jobs as a result.
Justin Sun, founder of the blockchain-based platform TRON, has confirmed that Huobi Global, one of the longest-standing Chinese crypto exchanges, is laying off a significant number of its employees. This news comes amidst rumors in the crypto community that the exchange is reportedly insolvent.
Rumors had been circulating on social media platform Twitter that the exchange was asking employees to take their salary payments in stablecoins such as USDC or risk being fired. These rumors were further substantiated when it was revealed that Huobi had shut down its communication channels for employees.
On Friday morning, Justin Sun confirmed the news in a text message to Reuters, stating that the exchange had indeed laid off 20% of its staff. Sun referred to this as a “structural adjustment” and noted that around 300 workers would lose their jobs because of this move.
This news is likely to have an impact on the crypto community, as Huobi is one of the longest-standing exchanges in the Chinese market. It is unclear at this stage what will happen to Huobi Global and its employees, but the crypto community will be keeping a close eye on the situation.