Crypto Exchange Huobi Says It's Not Letting Employees Go

Huobi Global – a known cryptocurrency exchange – is denying rumors that it plans to let go of some of its employees. It has also denied rumors that two of its top executives have resigned in recent weeks.

Huobi Global: We’re Keeping Our Workers

2022 has been a rough year for crypto. The space has lost more than $2 trillion in overall valuation over the past several months alone, and assets like BTC – the world’s number one digital currency by market cap – have fallen by more than 70 percent from their all-time highs, which were achieved in November of last year.

As a result of what can arguably be labeled the heaviest bear market the digital currency arena has ever seen, many crypto companies and exchanges have been forced into rough positions, and they have had to lay off several employees as a means of remaining afloat and keeping money in their pockets.

Among the companies this year to lay off employees include Coinbase and Gemini, which are two of the largest digital currency exchanges in the United States. Coinbase was forced to lay off about 18 percent of its overall staff. Oddly, this was supposed to be a year in which the company grew its staff numbers to unprecedented levels, though all hiring plans were eventually frozen as a means of dealing with the weak market. From there, layoffs began.

In addition, Gemini laid off about ten percent of its staff, thus bringing its numbers down from about 1,000 people to just over 900.

With so many crypto firms letting go of their workers, it appears Huobi Global has fallen into the same territory, though the company is saying that this should never have happened, and that it has no plans to let go of any people at the time of writing, claiming business is moving along as normal. In a recent statement, a spokesperson for Huobi Global described the situation surrounding the company:

Huobi Global’s senior management team is performing their duties as per normal, and rumors of large-scale layoffs are untrue. At present, Huobi Global enjoys a healthy cash flow, and the new shareholders have completed the capital injection. Huobi has demonstrated positive development potential in key regional markets and will continue to invest in business innovation, exploring international markets and recruiting local employees.

Finding Other Ways to Save $$

The spokesperson further acknowledged that the firm has endured some cost-cutting measures as a means of dealing with the current bear market, though getting rid of potential employees has not been an action it’s taken. The spokesperson said:

Huobi Global is in a sound financial position at present, but due to the current market downturn, Huobi will also make adjustments to reduce costs and increase efficiency.

Huobi is a Chinese exchange founded in 2013 by Leon Li.

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