Chinese crypto exchange Huobi Global’s native token, Huobi Token, is down nearly 9% in the past 24 hours after reports of internal dissension surfaced on social media. The crypto exchange’s trading volume is also down 23% in the past 24 hours.
Internal strife reported to Huobi Global
It was reported earlier this week that Huobi Global is asking employees to accept salaries in stablecoins instead of fiat currencies, and if the employees refuse, they could be fired from the company. Now it is reported that the crypto exchange has blocked all internal communication groups in an attempt to curb the rebellion. Post these reports, Huobi Global’s trading volume and the value of its native token fell sharply. At the time of writing, Huobi Token is down 9% and is trading at $4.34. The token is down almost 30% in the last 30 days.
Justin Sun announces 20% layoff
Wu Blockchain reported earlier this month that Huobi Global plans to lay off a large number of employees. Justin Sun confirmed to Reuters today that Huobi will lay off 20% of its staff. In an internal memo to Huobi staff, Justin Sun said they were like “fire in this crypto winter.” However, he did not comment on reports of internal conflicts at the stock exchange.
Justin Sun also led Tron’s algorithmic stablecoin USDD yesterday. The stablecoin reached a low of $0.9754.
Jai Pratap is a Crypto and Blockchain enthusiast with more than three years of working with various major media houses. His current role at Coingape involves creating powerful web stories under tight deadlines. When he is not working, he reads Russian literature or watches a Swedish film.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
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