According to the Chinese journalist Colin Wu, otherwise known as “Wu Blockchain,” the cryptocurrency company Huobi may lay off 30% of the firm’s staff due to “a sharp drop in revenue.” Furthermore, the reporter claims that Huobi’s co-founder Leon Li is reportedly looking to sell a large stake in the digital assets company.
Colin Wu Reports Layoffs Are Coming to Huobi and the Alleged Sale of 50% Stake
On June 28, 2022, Colin Wu, the local cryptocurrency and blockchain journalist from China, explained that Huobi “will start layoffs, which may exceed 30%.”
Layoffs have been plaguing the crypto industry as companies like Blockfi, Coinbase, Gemini, Bitso, Buenbit, Rain Financial, Bybit, and 2TM have let employees go. The crypto winter and volatile markets have been the main reason why executives have decided to cut workforce numbers.
Wu detailed that “the main reason” why Huobi is laying off staff is because of “the sharp drop in revenue after the removal of all Chinese users.” However,...
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