Huobi faces uncertainty amid rumours of layoffs and communication blackout

Huobi faces uncertainty amid rumours of layoffs and communication blackout

Amidst massive lay-offs, cancelled bonuses, communication blackout and possible internal backlash, Huobi Global’s future is obscure

On 5th January, Justin Sun had posted a tweet stating that the overall momentum of the growth is positive. He cane be quoted as saying

“The recent business development momentum of Huobi Global is good, and the core indicators have maintained a high-speed growth. The average daily growth rate of the number of new registered users and capital inflows exceeds the peak in 2022. And the first thousand times coins such as Pi and Bonk were born, and the trading volume of related currencies ranked first in the industry, leading a number of industry hotspots and continuing to drive the recovery of the market.”

Some Unsettling Allegations

Although this tweet portrays a hunky dory picture of Huobi, a twitter user with more than 50,000 followers replied to the tweet. The following is his response to the tweet shared by Justice Sun as quoted above in English:

As per the user Huobi has shut down its internal communication and feedback channels. Massive layoffs have taken place, bonuses were cancelled and there is speculated friction between the workers and the leadership. A twitter user called ‘Huobi employee (@supran25562746) replied to the tweet by Bitrun corroborating his findings by saying:

“It’s true. Justin Sun is forcing. All channel groups have been blocked, and the insiders are already on strike, all thinking only of protecting their rights and interests. no one works Even the feedback group for bugs was blocked.”

On 3rd Jan, 2023 famous publication Wu Blockchain’s twitter had shared the following:

Justin Sun’s HR is communicating with all Huobi employees to change the salary form from fiat currency to USDT/USDC; employees who cannot accept it may be dismissed. The move sparked protests from some employees. Exclusive https://t.co/QB4sjDyHc7

— Wu Blockchain (@WuBlockchain) January 4, 2023

Mere Speculations?

There is no official confirmation from Huobi yet. In fact Justin Sun has only shared positive finding recently and denied earlier rumours of lay offs. Nonetheless in recent times, this level of FUD is enough for users to withdraw their funds off exchanges they don’t fully trust. If a giant like FTX could witness such a terrible collapse, you better be safe than sorry.

The Huobi Token (HT) has dropped significantly after these allegations have surfaced and there have been withdrawals of $75 million since these findings have surfaced on the web.

Blockmanity tried to garner an official response from Huobi representatives but have not received one as of now.

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