Huobi Purportedly Plans Bulk Layoffs and Salary Cuts

Renowned digital asset exchange Huobi is planning to lay off a notable portion of its workforce and cut the salaries of senior employees, as per Chinese reporter Colin Wu.

Last month, the cryptocurrency exchange debunked speculation that it would cut its headcount because of the high number of employees at the organization. However, individuals familiar with the matter have confirmed that the exchange will move forward with the plan while also cutting the paychecks of its senior executives.

As per the report, the exchange intends to decrease its team size from twelve hundred employees to six hundred and eight hundred employees. In addition, the digital asset exchange will cancel its yearly bonuses.

Last month, the organization declared that it would initiate a series of year-end campaigns, which began on 18th December. These campaigns include events and competitions that permit users to win prizes in specific virtual assets.

Earlier this month, virtual currency platform Bybit mentioned that it would slash thirty percent of its workforce due to “ongoing reorganization aimed at refocusing efforts, and reductions will be across the board.”

Notably, Alex Harper, the chief executive officer of the company noted that the firm is in good condition and will continue functioning as usual without any stoppage.