BlocksInform
Reports that huobi has significantly reduced its workforce, demand that employees take their wages in care, and the closure of internal communication channels for staff to suppress a rebellion had an impact on their token of exchange and volume of exchanges.
CoinGecko data shows that Huobi’s HT token has fallen by nearly 11% during the last 24 hours, to $4.67 as of morning East Asia time. The token has decreased by close to 30% in the last month.
Over the past 24 hours, the standardized volume measure at the stock market has decreased by 23%, from $510 million to $395 million.
News of the layoffs and requirement to take salary in stablecoins was first reported by Colin Wu at WuBlockchain. Wublockchain reported that employees who refused to accept crypto pay would be terminated, raising concerns across the entire workforce. Others on Twitter reported that staff had been locked out of internal communications channels.
In an interview with Hong Kong’s SCMP, Sun has denied the Huobi layoffs. Media did not respond to requests to provide feedback on staffing issues.
The quality of the huobi reserves has also been the subject of growing concern. A recent report from CryptoQuant shows that of all the exchanges, Huobi relies most on its own token to denominate its reserves. Approximately 60 per cent of its reserves are based on something other than its symbol. Of all the constituencies, OKX and Derebit have the cleanest reserves, at 100 percent, according to CryptoQuant.
