BlocksInform
Popular crypto-change huobi will lay off a large portion of its staff and reduce the salaries of senior officials, according to the Chinese journalist colin wu.
Last month, the stock market refuted the hypothesis that it would reduce its workforce due to the company's large number of employees. But the people who know the issue have confirmed that huobi will go ahead with the plan while reducing the salaries of his senior managers.
Huobi to Cancel Yearly Bonuses
According to the report, the company intends to reduce its team size from 1,200 people to 600 and 800 employees. The grant will also cancel its annual awards.
Last month, the company announced that it would introduce a series of year-end campaigns, which started on December 18. These campaigns include events and contests where users can win cryptocurrency-specific prizes.
Annual premiums have suddenly come to an end because the company intends to cancel the program. The move comes in the middle of an intensified bear market, with many businesses struggling to keep their bottom line and stay afloat.
Huobi, established in 2013, has yet to issue a formal statement on the issue. The news has given rise to speculation as to the health of the enterprise and the future of industry in general.
Trading is one of the oldest and most important actors in crypto space after the fall of ftx. It has offices in Singapore, Hong Kong and South Korea and serves millions of clients around the world.
The Crypto Layoff Trends
Huobi will not be the first crypto firm to slash its workforce since the start of the bear market. Several crypto exchanges, including Coinbase and CryptoCom, have laid off a significant percentage of their headcount to cut operational costs and stay afloat.
Earlier this month, digital asset platform Bybit said it would slash 30% of its workforce due to “ongoing reorganization aimed at refocusing efforts, and reductions will be across the board.”
The company's CEO, Alex Harper, said the company is in good shape and will continue to operate as usual without interruption.
