Huobi Token collapsed by 34% in a month

The rate of the native exchange token Huobi (HT) fell by 34% in a month – from $6.60 to $4.35. Over the past week, the cryptocurrency has fallen in price by 17.5%, per day – by $8.3%. According to CoinGecko, the market capitalization of the asset has decreased to $708 billion with a daily trading volume of $19 million. RBC Crypto.

Huobi Exchange, founded in 2013, is registered in the Seychelles and has offices in Hong Kong, USA, Japan and South Korea. The platform recently announced plans to move its headquarters to the Caribbean region. The daily trading volume on the platform over the past 24 hours was about $375 billion.

The price of the HT coin began to fall amid rumors of layoffs in the Huobi team and changes in staff payments. At the end of December, crypto journalist Colin Wu, citing sources in the company, said that Justin Sun’s crypto exchange could cut up to 50% of its staff, plans to cancel bonuses and reduce the salaries of senior employees.

On January 4, also citing sources inside the platform, Wu wrote that Huobi employees are receiving work notices to force the change in wage form from traditional fiat currency transfers to USDT and USDC stablecoins. At the same time, Wu noted that this move provoked protests from some employees.

A bitcoin enthusiast and developer who goes by the pseudonym BitRun wrote on January 4 that the “work chat” on the exchange has been closed and “all communication channels with employees” have been blocked.

Huobi CEO Justin Sun addressed the community on January 5th. He wrote that the development of the business is going at a good pace, and “user assets will always be fully protected.” He did not deny any specific rumors. On January 6, Sun advised his followers to “ignore FUD”.

According to Defillama, more than $80 million was withdrawn from Huobi in the last 24 hours, which is about 4% of all funds of the exchange users. $133 million was withdrawn in a week.

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