Huobi Exchange to Cancel all Year-End Bonuses & Terminate Employees

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Key takeaways:

  • Huobi Exchange, owned by Justin Sun, will withdraw all year-end incentives and prepare to reduce its staff of 1,200 employees to 600-800.
  • Several insiders claim that the exchange also intends to reduce senior employees’ pay. 

Famous cryptocurrency exchange Huobi will revoke annual bonuses and optimize the current state.  The4 update was journalist Colin Wu on Twitter, who cited exclusive sources.

Wu also revealed that the exchange is planning to lay off a  significant proportion of its workforce. The community is expected to drop from 1,200 to 600-800 people.

Wu also indicated, referencing unidentified legitimate sources, that Huobi will reduce senior employees’ pay.

It was also reported in June that the exchange was looking to reduce staff by 30% due to a significant drop in revenue following a Chinese user ban in September 2021.  Huobi announced a revamp in the fall, dropping the official title Huobi Global and denying rumors of a potential merger with Poloniex.

Mass layoffs have made the crypto winter this year even chilly. Undoubtedly, a sizeable percentage came from the cryptocurrency sector, which is still seeing significant employment losses. 

Renowned businesses including Kraken, Hodlnaut, and Genesis were among the market participants who added their employees to the list of lay-offs and cut-offs.

As of the time of publication, Huobi had not yet issued an official response regarding the layoffs. It is important to remember that Justin Sun only recently stated that the exchange would be hiring more female personnel in the future.

Huobi’s initiative to hire more female employees aims to promote a more open and inviting environment for all members of the cryptocurrency community as well as a more equal and fair workplace.

However, the community has been very critical of the latest announcement of employee layoffs. Many people think Justin’s exchange has been dormant for some time.

Even in its heyday, when the exchange was at its peak, it was primarily dependent on Chinese users, who made up over 90% of the total user base.

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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