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Tuesday, February 7, 2023

He insisted that “fire must be a fire in a bear market”! Justin Sun denies layoffs of 800 people

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Faced with the threat of a wildfire-like bear market, cryptocurrency companies are laying off workers in waves. It has been widely rumored in the market earlier that the cryptocurrency exchange Huobi (formerly Huobi) also plans to drastically lay off 800 employees and cancel the year-end bonus for all employees. In response to the above news, Justin Sun, Huobi’s global consultant, said internally that the relevant reports were not true, and insisted that “Huobi’s business is doing very well” and “Huobi is a fire in a bear market.”

On December 30, the mainland self-media “Wu Shuo Blockchain” pointed out that Huobi will cancel the year-end bonus for all employees. Currently, Huobi has about 1,200 employees. It plans to streamline the team and lay off 600 to 800 people. High-paying employees will be renegotiated. Salary structures, perks are also on hold indefinitely. It was rumored earlier that Sun Yuchen was dissatisfied with the large number of employees in Huobi, so he planned to conduct large-scale layoffs.

In this regard, a person close to Huobi revealed to Lu Media that the news of Huobi layoffs has certain reliability. After Huobi quit China, it has been losing money and must reduce costs.

However, Huobi denied layoffs. Justin Sun, Huobi’s global consultant, said in Huobi’s internal reply:

The layoff plan spread by the media is untrue. It is not easy to survive a bear market, but fire must be a fire in a bear market. Huobi’s recent business is doing very well, with daily new additions reaching the industry’s first level, which is a critical period of development, and I believe 2023 will be even better.

Du Jun, the co-founder of Huobi, said in an interview with CNBC in February last year that Huobi lost about 30% of its revenue due to its withdrawal from the Chinese mainland market. The group then launched the first wave of layoffs in June. More than 1000 people.

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