Justin Sun, exiled China-born crypto guru, denies lay-off talks at crypto exchange Huobi
- Justin Sun, who became an adviser to Huobi in October last year, told staff that reports regarding lay-offs at Huobi were not true
- Crypto moguls have ramped up efforts to reassure investors about the health of their platforms in the wake of FTX’s collapse
Adviser Justin Sun has brushed off rumours of mass lay-offs at Huobi, one of the world’s largest cryptocurrency exchanges, amid an ongoing industry slump. The move comes as he continues to boost his presence on Chinese social media platforms following repeated bans.
Sun, who became an adviser to Huobi in October last year and has since been the exchange’s public face, told staff that reports regarding lay-offs at Huobi were not true, according to Chinese business news outlet Jiemian, citing an internal statement penned by Sun.
News outlets including Wu Blockchain and Bloomberg have reported that Sun was behind the purchase of a majority stake in Huobi in October, after co-founder and controlling shareholder Leon Li sold his shares to a buyout firm managed by About Capital Management HK Co. Sun has denied this and insisted that he is only serving as Huobi’s adviser.
Cryptocurrency-focused news outlet Wu Blockchain reported last week that Huobi has cancelled all year-end bonuses and will lay off about 40 per cent of employees, citing anonymous sources.
Huobi did not immediately respond to a request for comment on Monday.
01:25
Malaysian police flatten US$1.25 million worth of bitcoin-mining machines with steamroller
As the global cryptocurrency industry continues to experience shock waves from the collapse of FTX and founder Sam Bankman-Fried’s sudden fall from grace, crypto moguls have ramped up efforts to reassure investors about the health of their platforms.
