• Tron’s Justin Sun confirmed a 20% layoff at Huobi
• The move is a part of Huobi’s restructuring efforts to weather the unprecedented turmoil in the market
• Sun asked the community to ignore the FUD, reiterating Binance CEO CZ’s words
The crypto world has been shaken by the news of Huobi, one of the largest crypto exchanges, planning to lay off 20% of its employees. Justin Sun, the founder of Tron and a member of Huobi’s global advisory board, confirmed the news in a text message to Reuters. This move is a part of Huobi’s restructuring efforts to stay afloat in the market amidst the unprecedented turmoil caused by the FTX-induced contagion.
The news of Huobi taking drastic measures to stay afloat in the market caused a stir in the crypto community with the HT token declining to a monthly low of $4.38. Sun, in an attempt to allay the investors’ concerns, asked the community to ignore the FUD, thus echoing the words of Binance CEO CZ. He assured that the “structural adjustment” has not started yet and is expected to reach a conclusion by the end of the first quarter this year.
The news of Huobi’s job cuts has come as a shock to the crypto world, as it is the latest in a series of companies taking drastic measures in order to survive in the current market conditions. It remains to be seen how the restructuring efforts of Huobi will affect its business in the long run and whether it will be able to weather the current market turbulence. For now, Sun’s words have given a ray of hope to the crypto investors that the situation is not as dire as it seems.