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According to Colin Wu, Huobi, a popular cryptocurrency exchange, will cut its workforce and reduce the salaries of its senior employees.
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The exchange dispelled speculations that it would reduce its staff due to a large number of employees.
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People familiar with the matter confirmed that Huobi would continue with its plan while cutting the salaries of its top executives.
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According to the report, the company plans to reduce its workforce from 1,200 to 600 to 800 employees.
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The exchange will also cancel its annual bonuses.
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Last month, the company announced it would launch a series of year-end campaigns. These began on December 18.
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These campaigns offer users the chance to win prizes, including cryptocurrencies, through events and competitions.
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The firm plans to end the yearly bonus program.
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This decision comes amid a heightened bear market in which many companies struggle to remain profitable and stay afloat.