2022 was a tough year for the crypto market as countless companies and exchanges were forced out of the ruthless bear market. In early 2023, Huobi announced it was laying off 400-600 employees to cut wages in certain departments.
- Journalist Colin Wu posted on his personal Twitter page, stating that Justin Sun’s Huobi exchange would cancel all bonuses for its employees, reduce the salaries of some key employees and issue large-scale layoffs for almost half of the company’s employees using letters of dismissal.
- Sun announced that this action would change Huobi’s staff, “By hiring more female employees, we hope not only to 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!”
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- After his announcement, there were many opinions on Justin Sun’s personal Twitter page, and some said that this step would be the foundation for Huobi to develop as the young CEO’s plan, while others opinion is that this act of the founder of TRON was complete nonsense and immoral to take away many people’s bread at the end of the year.
- This move has been seen as a tactical one, as Huobi is attempting to remain competitive in the ever-changing crypto market. Many believe that the layoffs were necessary for the company to remain competitive and focus on its core business, ensuring Huobi remains profitable.