Huobi Denies Large-Scale Layoffs and Key Exec Resignations

The extensive cryptocurrency exchange Huobi Global has responded to rumors that it has fired many employees and that two of its top executives have left.

On October 29, a well-known Chinese writer named Colin Wu tweeted that the company’s CEO, Leon Li, and CFO, Chris Lee, had left. He said that the cryptocurrency exchange is also preparing for “large-scale layoffs,” and he gave examples of people who knew what was happening. At the moment, is the most advanced trading platform that is currently available, and it enables users to trade in any other cryptocurrency.

“The TRON team, led by Justin Sun, has taken over critical parts of Huobi. CEO Justin Sun thinks that the 1,600 people who work for Huobi are too many. This could put a lot of people out of work, “Wu said so.

People in charge at Huobi Global are doing their jobs as usual, and it’s not true that many people will lose their jobs. A Huobi Global spokesperson is said to have said that the company has a good cash flow and that the new owners are done putting money into the business.

But the spokeswoman didn’t say that there would be no layoffs. They said that the exchange was thinking about ways to cut costs because of the prolonged bear market for cryptocurrencies, but they didn’t say that layoffs were a possibility.

“Huobi Global is currently making money. But because the market is down now, Huobi will also make changes to cut costs and make things run better.”

Huobi’s founder is selling his share in the company

As was already known, Leon Li Lin, the founder of Huobi and the company’s biggest shareholder, said at the beginning of October that he plans to sell his entire stake in the cryptocurrency exchange to About Capital Management, an asset management company based in Hong Kong.

At the time, Wu said that About Capital’s most significant investor was Justin Sun, who made Tron. Because of this, he thought Sun was the buyer of the share.

The report says, “WuBlockchain learned from multiple sources that Justin Sun is, in fact, the biggest investor in this M&A fund.” The report also said that the deal was made at the delivery site in Singapore on October 8, 2018.

Huobi is one of the best cryptocurrency exchanges in the world based on how much it trades. In 2013, the exchange was set up. The cryptocurrency exchange is currently ranked 14th by CoinGecko and has made deals worth more than $785 million in the last 24 hours. So that users could trust Huobi even more, the company said it would share the results of a Merkle Tree Proof of Reserves third-party audit within 30 days.

The Merkel Tree is checked by a third party. The results of an anonymous snapshot of all the cryptocurrency balances kept by the exchange are put into a Merkel tree, a structure often used to check the validity of block data.

On the other hand, Huobi’s news did not calm the market. According to data from CoinDesk, one HT token was worth $4.8 at the end of the day, which is 8.9% less than it was the day before.

After the asset reserve report was made public, there were rumors that 10,000 ETH were taken out of the exchange. The South Korean blockchain analytics company CryptoQuant says that 12,000 ETH worth $15.14 million were taken off Huobi in the last six hours.

Huobi said that this kind of leak was common in their business. Payments and withdrawals are standard parts of the blockchain process. Now, things on the stock market are going well.” The public relations team for Huobi sent an email to CoinDesk.


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