Justin Sun denies reports of discussions about layoffs at Huobi

Amid continuing declining business and increasing his presence on Chinese social media sites since repeated bans, advisor Justin Sun dismissed reports of significant layoffs at Huobi, one of the world’s largest crypto exchanges. Have given.

Justin Sun: Rumors of layoffs at Huobi are not true

according to an internal statement by justin sun, who joined Huobi as an advisor in October last year and has since served as the public face of the exchange, said the allegations of layoffs at Huobi were untrue, according to Xemian, a Chinese business news outlet.

News organization Justin Sun was responsible for acquiring a controlling stake in Huobi in October, following the sale of Leon Li’s shares to a buyout business controlled by About Capital Management HK Company. Sun denied this, claiming that he only acted as an advisor to Huobi.

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

Justin Sun, Huobi Advisor.

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

Crypto billionaire reassures investors

Fall of FTX And the fall from grace of its founder Sam Bankman—Suddenly Fried—continues to send shockwaves through the global cryptocurrency sphere; Therefore, industry giants have stepped up their efforts to assure investors about the viability of their platforms.

After trader withdrawals of $6 billion in three days, Binance CEO Changpeng Zhao said last month that “things have stabilized” and that the exchange had passed a “stress test” as a result.

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

Sun announced He returned to Weibo in a post there on Monday, sharing a screenshot of his brand new Weibo account on Twitter.

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

However, the founder of crypto project Tron and a well-known crypto figure from China is set to make a comeback. On Monday, he also announced on Twitter that he has a Douyin account, the Chinese equivalent of the popular TikTok short-video app, and that he aims to achieve one million followers by 2023.

Following its acquisition by About Capital in October, Huobi, which began operating in mainland China in 2013 but left the country due to Beijing’s crackdown on cryptocurrencies, announced rebranding in November that changed the Chinese character On the surface for the “should” for the “coin” in its name. This was done as part of its expansion plans. According to Leon Li, he will lose all rights over the company after the acquisition.

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