The crypto exchange Huobi has confirmed plans to lay off 20% of its employees as part of the ongoing restructuring, following Justin Sun’s acquisition of the firm, but denied rumours of its insolvency

Image: Huobi

As reported by Cointelegraph, the?Huobi cryptocurrency exchange is going to lay off 20% of its employees. However, the move is not a sign of potential insolvency hovering over Huobi, contrary to rumours. The job cuts are part of the ongoing restructuring after the new shareholders have taken over.

The company’s management has also dismissed the allegations of firing as many as 40% of employees. The layoff is aimed at optimising the corporate structure, improving efficiency and returning to the top three global crypto exchanges.

Besides, Huobi adviser Justin Sun assured that the business is in a good state, while user assets are fully protected. The exchange stated that its 20,000 Bitcoin reserve remains intact and cold-stored under the custody of Huobi Trust.

Since leaving the Chinese market in 2021, Huobi has grown its presence in over 170 countries worldwide. It expanded to Singapore and Dubai. Additionally, new fiat channel partnerships such as with Astropay in Latin America and Settlepay in Ukraine further expanded Huobi’s capabilities.

In late 2022, Huobi PrimeEarn has been upgraded to periodically launch passive income products in major virtual assets.

PrimeEarn is a crypto financial management product which focuses on high APYs for fixed deposits. PrimeEarn events are normally held every Tuesday, offering investors a chance to gain up to 40% APY for staking mainstream crypto assets such as BTC, USDT and ETH for 14 days.

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