Huobi cryptocurrency exchange has confirmed plans to lay off 20% of its employees as part of the ongoing restructuring following Justin Sun’s acquisition of the firm.
“The planned layoff ratio is about 20%, but it is not implemented now,” a spokesperson for Huobi said in a statement to Cointelegraph on Jan. 6.
“With the current state of the bear market, a very lean team will be maintained going forward.
The news comes shortly after Sun publicly addressed rumors of Huobi’s insolvency, saying that the business state of the exchange was fine and user assets were fully protected.
According to the source, Huobi Group's chief financial officer Lily Zheng left the company a couple of months ago as well.
Source: Cointelegraph