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

  • 📰 Reuters
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 97%

United States News News

United States United States Latest News,United States United States Headlines

Crypto exchange Huobi plans to lay off about 20% of its staff, the company told Reuters on Friday, in the latest instance of cost-cutting in the industry as investor interest in digital assets wanes.

"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

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Implosion coming

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

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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.
Source: Reuters - 🏆 2. / 97 Read more »

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. 🤣😂
Source: CNBC - 🏆 12. / 72 Read more »