Huobi To Cancel Bonuses, Cut Salaries & Lay Off 600 Employees?

Lavina Daryanani
Source: TechStory

This year has been difficult for crypto-based organizations. Companies that exuded a strong foothold in the crypto space shut shop, the profitability numbers of the ones that managed to stay afloat went downhill, and investors paid a hefty price.

With just a day left for the year to end, another not-so-positive development has shaped up. Chinese Journalist Colin Wu took to Twitter to claim that Huobi is allegedly going to cancel all year-end bonuses. Wu also stated that the exchange is preparing to lay off nearly half of its team. The size is likely to reduce from 1,200 people to 600-800 people. Citing anonymous insider sources, Wu also revealed that Huobi will slash the salaries of senior employees.

This year’s crypto winter got colder with mass layoffs. Over 1000 tech firms sacked a whopping 152,730 employees in 2022 alone. Unquestionably, a sizable portion came from the crypto industry.

As reported recently, a whopping 9,564 individuals were released. This marked the highest yearly layoff that the industry has witnessed. Notably, Bybit, Coinflex, and witnessed the highest number of people being fired. On the whole, trading firms, or cryptocurrency exchanges, accounted for the most people sacked.

Read More: 2022 The Year of Crypto Layoffs

Sun Hints Towards Expansion

As of press time, there was no official statement released made by Huobi pertaining to the layoffs. However, it is worth noting that Justin Sun just tweeted a day back that the exchange will be hiring more female employees in the future.

Sun further asserted that in the crypto industry, it’s “important” to have representation from all corners of society. He also stated that crypto has the potential to “benefit” people from all walks of life, and thus, it’s essential for the industry to reflect that diversity.

Highlighting how this initiative of Huobi will have a positive impact on the industry, he added,

By hiring more female employees, we hope to not only create a more balanced and fair workplace, but also to foster a more inclusive and welcoming environment for all members of the crypto community. We believe that this will have a positive impact on the industry!