Huobi To Cancel Bonuses, Cut Salaries & Lay Off 600 Employees?

This year has been difficult for crypto-based organizations. Companies that exuded a strong foothold in the crypto space shut shop, the profitability numbers of the ones that managed to stay afloat went downhill, and investors paid a hefty price.

With just a day left for the year to end, another not-so-positive development has shaped up. Chinese Journalist Colin Wu took to Twitter to claim that Huobi is allegedly going to cancel all year-end bonuses. Wu also stated that the exchange is preparing to lay off nearly half of its team. The size is likely to reduce from 1,200 people to 600-800 people. Citing anonymous insider sources, Wu also revealed that Huobi will slash the salaries of senior employees.

This year’s crypto winter got colder with mass layoffs. Over 1000 tech firms sacked a whopping 152,730 employees in 2022 alone. Unquestionably, a sizable portion came from the crypto industry.

As reported recently, a whopping 9,564 individuals were released. This marked the highest yearly layoff that the industry has witnessed. Notably, Bybit, Coinflex, and Crypto.com witnessed the highest number of people being fired. On the whole, trading firms, or cryptocurrency exchanges, accounted for the most people sacked.

Read More: 2022 The Year of Crypto Layoffs

Sun Hints Towards Expansion

As of press time, there was no official statement released made by Huobi pertaining to the layoffs. However, it is worth noting that Justin Sun just tweeted a day back that the exchange will be hiring more female employees in the future.

Sun further asserted that in the crypto industry, it’s “important” to have representation from all corners of society. He also stated that crypto has the potential to “benefit” people from all walks of life, and thus, it’s essential for the industry to reflect that diversity.

Highlighting how this initiative of Huobi will have a positive impact on the industry, he added,

“By hiring more female employees, we hope to not only create a more balanced and fair workplace, but also to foster a more inclusive and welcoming environment for all members of the crypto community. We believe that this will have a positive impact on the industry!“

  • crypto exchange
  • Huobi
  • Justin Sun

Comments

Post a Comment

Popular posts from this blog

Shiba Inu: Here's How Much SHIB Can Rise in 2025

Image
Shiba Inu (SHIB) has a lot of expectations tied to its protocol. Countless individuals are invested in the project, in the hopes of becoming wealthy. However, is the asset going to deliver again? That remains a question only time will answer. At the moment, experts at Finder have given their opinion on how SHIB may perform till the year 2025. According to a survey, Shiba Inu (SHIB) is anticipated to reach $0.00004930 by the year 2025. The panel included 55 fintech specialists. Source: Finder Among the panelists, some are more optimistic about SHIB than others. According to Alexander Kuptsikevich from FxPro, SHIB could reach upto $0.0001 by 2025. Yet, Kuptsikevich did say that “It is unlikely to roar as it did in 2021.” Nonetheless, he did add that SHIB “can ride the future waves of the crypto market.” Will Shiba Inu actually reach $0.00004930? It should be noted that the survey was conducted in October 2022. Since then, SHIB has unveiled a lot more projects and initiatives that co...
Read more

Twitter thread shows Coinbase’s servers may be compromised

A Coinbase user recently shared a Coinbase-related scam story indicating that the exchange’s servers might be compromised . Jacob Canfield, a YouTube host and bitcoin enthusiast, claimed he received a text message about a changed two-factor authentication (2FA) setting on their Coinbase account. Shortly after, he got three phone calls from an individual claiming to be a Coinbase customer support representative. The calls originated from a San Francisco number, adding to the illusion of legitimacy. Holy shit. I just got attacked with one of the most complex scams in #crypto that I have seen to date. Please read if you use @coinbase. This just happened 15 minutes ago. THIS IS A WARNING FOR ALL COINBASE USERS! There has been some sort of a data breach. First, I… pic.twitter.com/aOVWLpAtY4 — Jacob Canfield (@JacobCanfield) June 13, 2023 During the calls, the impersonator asked whether Canfield was traveling outside the US and whether he had requested changes to the email ...
Read more

Bitcoin skeptic Charles Schwab bank deposits down 30% YoY, while BTC is up 50%

Image
The Charles Schwab Corp. (NYSE: SCHW)  is among the most affected financial firms facing a drop in customer deposits due to the increased interest rate environment in the United States, according to its Q3 2023 report. This presents a real challenge for a company that relies primarily on clients’ uninvested cash to fund its interest-earning businesses. Charles Schwab’s consumer bank deposits tumbled 28% year-over-year (YoY), causing its net interest revenue to drop 23.5% in the third quarter, which also negatively affected its quarterly revenue of $4.61 billion (-16.2% from Q2). A recent post on X (Twitter) by the event-driven trader Gurgavin Chandhoke highlights Charles Schwab as the financial company with more accumulated losses in bank deposits since Q3 2022. BANK DEPOSITS OVER THE LAST 1 YEAR BMO UP 21% AMERICAN EXPRESS 20% SCOTIABANK UP 9% CIBC UP 4% RBC UP 3% JP MORGAN DOWN 1.2% CITI DOWN 2.5% GOLDMAN DOWN 2.5% TD DOWN 2.6% BANK OF AMERICA DOWN 3% WELLS FARGO D...
Read more