Just denied downsizing! Justin Sun: Huobi plans to lay off 20% of its staff in Q1

According to a Reuters report, Justin Sun, who previously firmly denied that Huobi was downsizing, said today (6) that Huobi plans to lay off about 20% of its staff.

Justin Sun, global consultant of Huobi, told Reuters that the “team structure adjustment” has not yet started, but it is expected to be completed in the first quarter. He compared this team reorganization to “short-term labor pains”, and he believes that it will eventually bring more benefits to the exchange. benefit.

On December 30, Lu Media received information from people familiar with the matter that Justin Sun was dissatisfied with Huobi’s large number of employees, so he planned to lay off large-scale employees from about 1,200 to 600-800. After the news came out, Sun Yuchen shouted to the employees, saying, “The Huobi layoff plan spread by the media is untrue”, “It is not easy to survive the winter in a bear market, but Huobi must be a fire in a bear market. Huobi’s recent business has done very well. it is good”.

It is not clear why Sun Yuchen suddenly changed his mind and said that he would lay off employees, but Huobi has been losing money since it withdrew from the Chinese market. In addition, the recent series of scandals have caused users to have more doubts about Huobi, and they have withdrawn their funds one after another. The impact of the wave, the current Huobi really needs to reduce operating expenses.