The media reported on Huobi’s plans to cancel bonuses and reduce staff


Cryptocurrency exchange Huobi will cancel annual bonuses and carry out state optimization. Reported by journalist Colin Wu, citing sources.

According to them, the company will reduce the staff of 1,200 people to 600-800. In addition, Huobi will cut the salary of senior employees.

CryptoNewsHerald has reached out to Huobi for comment, but has not received a response at the time of writing.

In June, Wu reported that the exchange was looking to cut staff by 30% amid a sharp drop in revenue after a Chinese user ban in September 2021.

In the fall, Huobi announced a rebranding, as a result of which it abandoned the official name Huobi Global, and also denied rumors of a possible merger with Poloniex.

Earlier, the company agreed to sell a controlling stake in the Hong Kong investment company About Capital Management. The financial terms of the parties were not disclosed.

According to Wu, Tron founder Justin Sun was the ultimate beneficiary of the purchase. This information was also denied – Huobi representatives clarified that he entered the advisory board.

Recall that the optimization of the state against the background of the bear market was announced in Gemini, Bitso and the parent company of the Brazilian Mercado Bitcoin exchange. Staff cuts have also been announced by Coinbase, BlockFi, and institutional-oriented platform NYDIG.

Cryptocurrency division of the investment giant Fidelity Investments, by contrast, announced plans to hire 100 new employees in the next six months.

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