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A Huobi spokesperson told the media that the cryptocurrency exchange would eliminate 20% of staff.
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The news is accompanied by rumours of Huobi's owners having blocked important communication channels for employees.
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"The planned layoff ratio is about 20%, but it is not implemented now," Huobi's spokesperson said.
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"With the current state of the bear market, a very lean team will be maintained going forward."
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"The personnel optimization aims to implement the brand strategy, optimize the structure, improve efficiency and return to the top three."
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The announcement comes one week after reporter Colin Wu first reported layoffs at the crypto exchange in December.
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In the past, Wu said that Huobi has pushed to make the payment of salary in stablecoins instead of fiat currencies, triggering protests from employees.
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Huobi was purchased by the About Capital Management M&A fund in October. 7.