Media: Huobi Korea plans to buy back its stake from the parent company

The media continues to talk about the problems of the popular cryptocurrency exchange Huobi. This time we are talking about the South Korean branch of the trading platform. local edition News1 reported that the branch is trying to disassociate itself from the main company.

The publication does not name sources, but the article claims that Huobi Korea is preparing a procedure for the redemption of its shares owned by the parent company. Along with the asset buyback, the Korean branch also wants to change its name: “The Chinese exchange is constantly damaging the reputation of Huobi Korea. The name change and share buyback will help demonstrate that it is a safe, national exchange. This will allow us to distance ourselves from the tarnished reputation of the main company and continue to develop in the Korean market before the problems at Huobi Global become too serious.”

Rumors about Huobi’s problems have been circulating for the past week. There was information that now the employees of the exchange will receive salaries in stablecoins instead of fiat. Those who do not agree with such a policy will be fired. At the same time, the company decided to refuse to pay annual bonuses and reduce the staff from 1200 people to 600-800.

The company’s employees allegedly blocked the possibility of internal communication within the company, which could lead to dissatisfaction, and, as an option, to the theft of client funds.

Despite Justin Sun’s claims, cryptos panicked and pulled $94.2 million off the exchange by the end of last week.

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