Huobi Korea to become an independent entity, breaking ties with Huobi Global
Huobi Korea, a subsidiary of Huobi South Korea, will operate as a separate entity after dissolving its relationship with Huobi Global, a source said. report From the South Korean news agency News1.
Huobi Global founder Leung Lin owned more than half of Huobi Korea. Among the next major shareholders are Huobi Korea chairman Cho Guk-bong and Korea Land Trust.
The move will include negotiations for stake ownership, the report said. Jo, who also owns a cryptocurrency mining business, buys a majority stake from Lin.
It’s worth noting that Huobi Global has recently faced backlash from the community. Apparently, the exchange has ordered its employees to be paid in USDT/USDC or face layoffs.
Justin Sun’s HR department has been in touch with all Huobi employees to change their pay structure from fiat currency to USDT/USDC. Unacceptable employees may be fired. The move sparked protests from some employees.Exclusive https://t.co/QB4sjDyHc7
— Wu Blockchain (@WuBlockchain) January 4, 2023
Some Twitter users claimed the exchange had closed communication channels with internal employees. Additionally, some have accused Justin Sun, the company’s general advisor, of withdrawing more than $1.5 billion from him since last October.
–@ Huobi Global closed an internal employee communication group and blocked all communication and feedback channels with employees.
Exchange “advisor” Justin Sun has cashed out more than $1.5 billion in fiat currency since October. #huobi #trx pic.twitter.com/3KL6kBVLRF
— Thichruiro.eth (💙,🧡) 🛸.L2 (@Thichruiro) January 6, 2023
The company has been in trouble, but Huobi recently admitted to laying off 20% of its staff after advisers denied layoffs. reported net outflows of $94.2 million for the day.
Huobi advisor Justin Sun remained positive about the exchange, but Huobi’s HT token $5.3688 to $4.3432 According to CoinMarketCap, HT is currently trading at $4.90.
