Crypto exchange Huobi to lay off 20% of staff as industry slump deepens

"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," 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.

Sun billed the restructuring as "short-term pains" that can eventually bring advantages to the exchange. The layoffs come against the broader backdrop of concerns about reserves and solvency at various cryptocurrency exchanges and lenders after the

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