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Justin Sun disputes reports of Huobi’s layoff discussions

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Amid an ongoing downturn in business and as he continues to increase his presence on Chinese social media following repeated bans, consultant Justin Sun has dismissed reports of massive layoffs at Huobi, one of the world’s largest cryptocurrency exchanges.

Justin Sun: The rumors of layoffs in Hubei are not true

According to an internal statement issued by Justin Sun who joined Huobi as a consultant in October last year and has since served as the exchange’s public face, allegations of layoffs at Huobi were untrue, according to Jiemian, a Chinese business news outlet.

After selling Leon Li shares to a buyout company under the control of About Capital Management HK Co. In October, news organization Justin Sun was responsible for acquiring a controlling stake in Huobi. Sun denied this, claiming that he was only acting as a Hubei advisor.

Congratulations to our community on this achievement! The total value of #BUSD on TRON has exceeded $100 million. This shows the growing demand for stablecoins and the strength of the Tron protocol.

Justin Sun, Huobi advisor.

Huobi has scrapped its year-end bonuses and will lay off about 40% of its workforce, according to a report last week from cryptocurrency-focused news outlet Wu Blockchain, which cited unnamed sources.

Crypto billionaires reassure investors

The collapse of FTX and its founder Sam Bankman – suddenly a singular fall from grace continues to send shock waves through the global cryptocurrency sector; Therefore, the industry giants have stepped up their attempts to reassure investors about the viability of their platforms.

After traders withdrew $6 billion in three days, Binance CEO Zhao Changpeng stated last month that “things have settled down” and that the exchange had passed a “stress test” as a result.

while this is happening, Sun claimed on Twitter last week Huobi is seeing “impressive growth” and began advertising on its Chinese social media accounts on Monday despite being repeatedly banned previously.

announced the sun He returned to Weibo in a post there on Monday and shared a screenshot of Weibo’s brand-new Twitter account.

Sun’s account has been deactivated by Weibo several times, notably in August 2021 and December 2019. This is due to Beijing’s crackdown on cryptocurrency activity in the country. Social media sites routinely delete accounts related to the topic.

However, it appears that the founder of the Tron crypto project and a famous crypto personality from China is about to make a comeback. On Monday, he also announced on Twitter that he has a Douyin account, the Chinese equivalent of the popular short-form video app TikTok, and that his goal is to gain 1 million followers in 2023.

After acquiring About Capital in October, Huobi, which began operating in China in 2013 but left the country due to Beijing’s crackdown on cryptocurrency, announced a rebrand in November that changed the Chinese character for “currency” in its name to surface. . for “must”. This was done as part of its expansion plans. According to Leon Li, he will lose all power over the company after the acquisition.

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