It is reported that Hubei is planning mass layoffs and pay cuts

According to China reporter Colin Wu, cryptocurrency exchange Huobi will lay off a significant portion of its workforce and cut the salaries of senior staff.

Last month, the stock exchange revealed speculation that it would reduce the number of employees due to the high number of employees in the company. But people familiar with the matter confirmed that Huobi would go ahead with the plan while reducing the salaries of its top executives.

Huobi cancels annual bonuses

to me TransferThe company intends to reduce the size of its team from 1,200 people to between 600 and 800 employees. In addition, the exchange will cancel its annual bonuses.

Last month, the company more dangerous They will be running a series of year-end promotions, starting December 18th. These promotions include events and contests that allow users to win prizes in cryptocurrencies in particular.

Annual bonuses ended abruptly as the company intends to discontinue the program. The move comes amid an intense bear market, as many companies struggle to maintain profitability and stay afloat.

Huobi, which was founded in 2013, has not yet made an official statement on the matter. The news fueled speculation about the company’s health and the future of the industry in general.

The exchange is one of the oldest and most important players in the crypto space after the fall of FTX. The company has offices in Singapore, Hong Kong and South Korea and serves millions of customers worldwide.

Crypto layoffs trends

Huobi wouldn’t be the first crypto company to cut back on its workforce since the start of the bear market. Several cryptocurrency exchanges, including Coinbase and CryptoCom, have laid off a large percentage of their employees to reduce operating costs and stay afloat.

Earlier this month, digital asset platform Bybit He said It will cut 30% of its workforce due to “ongoing reorganization aimed at refocusing efforts, and cuts will occur across the board.”

Alex Harper, CEO of the company, noted that the company is in good health and will continue to operate as usual without interruption.

Huobi’s Post Reporting Mass Layoff Plans, Pay Cuts appeared first on CryptoPotato.

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