Crypto exchange Huobi to cut staff 20% in 'bear market'

"The planned layoff ratio is about 20%," Huobi said in a statement, responding to queries from Reuters.The statement confirmed an earlier message from Tron founder Justin Sun, who said that the "structural adjustment" in Huobi had not started yet but was expected to be completed by the end of the first quarter.

Separately, blockchain data firm Nansen said in a tweet on Friday that in the last 24 hours, Huobi saw "a significant increase" in net outflows. Of the $94.2 million in net outflows over the last week, $60.9 million of it occurred in the last day, the tweet said.crypto exchange in terms of volume as of last November, according to analytics website CoinGecko.

Sun described the restructuring as short-term pain that can eventually bring advantages to the exchange. Across the sector, concerns are high about about reserves and solvency after bankruptcies last year, including the

Implosion coming

Yes bottom almost here. Getting ready for the big rally later in. 2023. Bitcoin 🚀🚀

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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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Crypto exchange Huobi to reportedly lay off 20% of staff as industry reels from FTX collapseHuobi 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. 😮😮 TechCheck 'Seychelles-based company' says all I need to know.... Scam. 🤣😂
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