Exchange huobi is reportedly set to lay off 20% of its staff, according to sources reported by reuters. justin sun, a prominent crypto entrepreneur, denied the allegations that the firm was to reduce its staff as recently as this week. huobi has around $367 million of 24-hour volume daily and 12.5 million monthly visits.
the reports of layoffs at huobi come shortly after coinbase announced it would lay off 18% of its workforce, kraken followed suit with a 30% reduction in staff, and singapore-based crypto exchange crypto.com laid off 260 employees, or 5% of its workforce, in june. binance ceo changpeng “cz” zhao warned employees in an internal memo that he expects the “next several months to be bumpy,” and last week, independent crypto journalist colin wu reported that staff salaries were being paid in stablecoins such as usdt and usdc, which reportedly provoked a widespread outcry from employees.
huobi has not operated in the u.s. since 2019, and news about alleged financial issues at the firm has been circulating in recent weeks. the reported layoffs are not out of step with industry trends, and huobi is one of the world’s largest crypto exchanges. decrypt has contacted huobi for comment on the reports and will update this story with its response. justin sun told chinese news outlet the south china morning post that reports of the panned layoffs were “untrue.”