As part of an ongoing restructuring of the cryptocurrency exchange Huobi, they are now confirming that they will have to let go of 20% of their staff.

New organizational structure at Huobi

A new organizational structure has been set up in Huobi. This is after the new shareholders have taken over the helm of the company. This new organizational structure means, among other things, a 20% reduction in staff. The company does dispel the rumor that up to 40% of the staff should leave the company. Huobi said the following:

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With the current state of the bear market, a very lean team will continue to exist going forward. Workforce optimization aims to implement the brand strategy, optimize the structure, improve efficiency and return to the top 3.

Recently, the crypto exchange was accused of alleged insolvency. However, a representative of Huobi indicated that this is not true and stated the following:

We are aware of the comments regarding the Huobi app and user asset security. Such unfounded and inflammatory rumors not only harm Huobi's brand image but ultimately harm the interests of Huobi users.

Majority stake sold to Justin Sun

Recently, Justin Sun publicly expressed rumors of Huobi's insolvency. He indicated that the business side of the exchange is in order and that users' assets are fully protected. Sun immediately indicated that Huobi will fully respect the legal requirements of local employees.

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In October of 2022, the majority shareholder and founder of Huobi, Leon Li, sold his entire stake to About Capital. This company can in turn be linked to Justin Sun.

Subsequently, the reorganization plans were released and some former executives left the crypto company shortly after Sun took over the company. It is not known whether more employees will have to leave the company after this round of layoffs.