Huobi confirms lay-offs amid rampant FUD over operational stability

Hull Invest

Tron (TRX) founder Justin Sun plans to lay off about 20% of Huobi staff, Reuters report January 6th.

According to the report, the exchange is planning “structural adjustments” that are expected to be completed within the first quarter. An internal Sun memo described the move as a “short-term pain” that could bring more benefits to the exchange in the long run.

Justin Sun previously denied rumors of impending layoffs at the exchange, saying they were false.

FUD expands around Huobi

Wu blockchain first report Huobi changed the medium of wage payment from fiat currency to USDC and USDT stablecoins. The report added that the exchange plans to fire employees who do not agree with the new policy, leading to worker protests.

Other reports on Twitter also hinted at internal strife within the company. Cryptadamus Alleged That the exchange shut down all internal messaging channels between employees to quell the protests.

There are also concerns that employee dissatisfaction could cause problems for Huobi. BitRun advised Those with assets on the platform will withdraw them, and those without will uninstall the app to avoid exploits.

Meanwhile, Huobi’s advisor Justin Sun said, withdrawn $1.5 billion stablecoin after October 2022.

the sun stays positive

On Twitter on January 5th thread, Justin Sun said Huobi’s business development and core indicators maintained high growth in the previous year. He added:

“The average daily growth rate of new registered users and capital inflows will exceed the 2022 peak.”

Sun has addressed security concerns regarding the replacement. He said:

“[Huobi’s] Core business data and technical architecture do not rely on centralized personnel. With 100% availability and an industry-leading security record, with 10 years of zero security incidents, your assets are always fully secure. “

the sun too repeated The exchange’s robust security system will be explained in another Twitter thread on January 6th.

Solar related token tank

Meanwhile, recent speculation about Huobi has impacted the price performance of the native token. According to data from CryptoSlate, HT has crashed into $ by around 6% in the last 24 hours.4.509 in press time.Nomics data It also shows that forex trading volume fell by 20% during this period.

Besides, TRX decreased by 8% to $0.05068. Other digital assets associated with Justin Sun, such as BitTorrent, Sun and Just, also fell by an average of 3%.

Also, Tron’s decentralized stablecoin USDD once again lost its dollar peg and trades in $.0.978 at the time of writing.

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