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Crypto exchange Huobi to reportedly lay off 20% of staff as industry reels from FTX collapse

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Huobi on Friday reportedly said it plans to reduce its global headcount by about 20%, in the latest round of layoffs to hit the cryptocurrency industry.

The Seychelles-based company is one of the largest crypto exchanges globally, handling about $370 million of trading volumes on a single day, according to data from CoinGecko.

The Seychelles-based company is one of the largest crypto exchanges globally, handling about $370 million of trading volumes on a single day, according to data from CoinGecko.A company spokesperson told news agency Reuters that Huobi had a "planned layoff ratio" of about 20%. Bloomberg and the Financial Times also reported on the layoff plans Friday.

Justin Sun, who sits on the company's advisory board as a member, described the move to Reuters as a "structural adjustment" that had not yet started and was expected to be completed by the first quarter.

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TechCheck 'Seychelles-based company' says all I need to know.... Scam. 🤣😂

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Crypto exchange Huobi to lay off 20% of staff as industry slump deepensCrypto exchange Huobi plans to lay off about 20% of its staff, the company told Reuters on Friday, in the latest sign of sharp cost cutting in the industry as investor interest in digital assets slumps.
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