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According to Chinese journalist Colin Wu, otherwise known as “Wu Blockchain”, the cryptocurrency company Huobi can lay off 30% of the company’s employees due to “a sharp drop in revenue”. Furthermore, the reporter claims that Huobi’s co-founder Leon Li allegedly wants to sell a large stake in the company for digital assets.
June 28, 2022, Colin Wuthe local cryptocurrency and blockchain journalist from China, explained that Huobi “will start layoffs that may exceed 30%.”
Layoffs have plagued the crypto industry as companies like Blockfi, Coin baseGemini, Bitso, Buenbit, Rain Financial, Bybit and 2TM have let employees go. The crypto winter and volatile markets have been the main reason why managers have decided to cut the number of employees.
Wu said in detail that the “main reason” for Huobi to lay off employees is due to “the sharp drop in revenue after the removal of all Chinese users.” However, there has been no official announcement of such actions coming from official Huobi sources.
A spokesman for the company did explain to Coindesk reporter Oliver Knight on June 28 that Huobi is in the process of reviewing the company’s guidelines. “Due to the current market environment, Huobi Global is reviewing both employment policies and the current workforce, with the aim of adapting them to its operational needs. In addition to such a review, redundancies are an opportunity,” said the Huobi representative.
On July 1, 2022, Colin Wu shared another “exclusive” by revealing that Huobi’s co-founder Leon Li will allegedly try to sell some of the company. Wu’s claim is unconfirmed and no official announcement of such actions has come from Huobi.
«Huobi founder [Leon] Lin wants to sell its stake in Huobi. Li Lin currently owns more than 50% of the shares, Wu said detailed on Twitter. “The second largest shareholder in Huobi is Sequoia China. Huobi’s revenues fell after they wiped out all Chinese users and laid off employees.”
Huobi has seen significant growth in the last 12 months, and the stock exchange is the fifth largest centralized trading platform by trading volume, according to Coingecko statistics.
Huobi offers 577 different digital currencies and has 1027 trading pairs. Over the past 24 hours, the stock exchange has seen $ 856 million in global trading volume.
Huobi Global is the third largest centralized stock exchange in terms of assets under management (AUM) with $ 7.86 billion at the time of writing. Data from Bituniverse, Peckshield, Etherscan and Chain.info indicate that Huobi has 160,950 BTC, 2.13 million ether and USDT worth $ 746.3 million.
In late May 2022, Huobi announced that acquired the Latin American stock exchange Bitex. Two weeks later, Huobi launched a blockchain and Web3-centric investment arm called Ivy Blocks.
What do you think about Huobi allegedly laying off 30% of the company’s workforce? What do you think of the story of Huobi’s CEO Li Lin? Tell us what you think about this topic in the comments section below.
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