Cryptocurrency exchange Huobi is planning to lay off 20% of its staff amid the crypto market downturn and the fallout from collapsed crypto exchange FTX.
In the latest round of all-over cost-cutting across the crypto industry, crypto exchange Huobi today confirmed to Reuters that the firm plans to lay off about 20% of its staff. Huobi said in a statement to the news agency:
The planned layoff ratio is about 20%, but it is not implemented now. With the current state of the bear market, a very lean team will be maintained going forward.
The statement to Reuters confirms an earlier message from Tron founder Justin Sun, who said that a “structural adjustment” is to start in Huobi soon. Sun, who is a member of Huobi’s global advisory board, said in an internal memo to company staff that the firm has been like “a fire in the crypto winter” despite the worsening macro environment. Huobi is based in Seychelles and has offices in Hong Kong, the United States, Japan, and in South Kore
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