Key Takeaways
- Huobi has confirmed its plans to chop down its workforce by 20%.
- The trade is rumored to have additionally taken down inner communication channels, to be forcing workers to obtain their salaries in stablecoins, and to have canceled numerous worker advantages.
- Justin Solar additionally moved over $100 million in stablecoins to the trade earlier at this time.
Share this text
Huobi International, the crypto trade rumored to have been acquired by Justin Solar in October via an middleman firm, is beset with all types of rumors. Huobi has denied a few of the claims—and confirmed others.
Huobi in Bother?
Unusual issues are occurring over at Huobi.
The crypto trade confirmed at this time that it could minimize about 20% of its workforce. The information comes as Huobi is rumored to have closed down inner communication and suggestions channels. The corporate can also be reportedly requiring its home employees to register for Huobi accounts with a view to obtain salaries paid out in stablecoins, and is assumed to have canceled numerous worker advantages.
“The deliberate layoff ratio is about 20%, however it’s not applied now. With the present state of the bear market, a really lean crew will probably be maintained going ahead,” acknowledged an organization spokesperson. Nonetheless, they denied rumors of inner communication and suggestions channels being closed down, and mentioned the claims about slashed worker advantages had been incorrect.
In keeping with CoinRanking, Huobi International is presently the tenth largest crypto trade on the planet when it comes to buying and selling quantity. In August 2022, Huobi founder Leon Li began publicizing his curiosity in promoting his 60% stake within the firm; by early October, the trade had struck a take care of Hong Kong-based funding agency About Capital, giving it management of a majority stake inside the firm.
Tron founder Justin Solar is rumored to have used About Capital as an middleman firm with a view to purchase Huobi. Solar has denied the claims, insisting that he solely joined the corporate as an advisor. Apparently, on-chain knowledge appears to indicate that Solar moved roughly $100 million in USDT and USDC to the trade earlier at this time. He additionally took to Twitter to reassure Huobi prospects, encouraging them to “ignore the FUD and maintain constructing.”
Disclaimer: On the time of writing, the creator of this piece owned BTC, ETH, and several other different crypto belongings.