Amid the ongoing industry slump, one of the largest exchanges, Huobi has laid off almost 1200 of its employees.
Huobi’s market-making funds have been removed from a Singapore-based crypto exchange, Pionex.

Huobi’s token, HT has plummetted by 11% at breakneck speed, rumors have it that the exchange is going through a rough patch forcing it to dramatically cut down its headcount by almost 300 employees. To add to the going-on, Huobi has shattered internal staff communication channels.

The terminated individuals were instructed to take their payments in non-fiat (stablecoins), specifically, either Tether or USD coins. Otherwise, would suffer being dismissed. Additionally, Huobi also canceled all year-end bonuses according to anonymous sources. The sudden change of payments from fiat to stablecoin sparked protests from employees.

Sun a notable and polarizing figure in the crypto industry and currently an advisor to Huobi, denied the reports regarding the layoffs. This may be an attempt by the crypto Moghul to ramp up efforts to reassure investors about the good health of Huobi. Justin Sun also brushed off rumors of insolvency and assured the security of user assets.

News outlets including Wu Blockchain and Bloomberg have reported that Sun was behind the purchase of a majority stake in Huobi in October, this is the same time when Sun became the company’s public face.

If you are using Huobi
Do consider withdrawing assets till the FUD blows over

Some rather negative sentiment and accusations are going around Twitter aimed against Huobi.

Unverified so do your own due diligence and risk management accordingly.

— RossStephenson.eth 🦇🔊 (@magicross7) January 6, 2023

Pionex removes Huobi’s market-making funds

Pionex, a Singapore-based crypto exchange announced that it has removed Huobi’s market-making funds from its platform due to the gradually declining trading activity on the exchange.

Huobi is based in Seychelles, with offices in Hong Kong, the United States, Japan, and South Korea. It’s a publicly listed company on the Stock Exchange of Hong Kong.

Huobi Exchange’s trading activity on the platform has gradually decreased in recent months, and Pionex’s security team has also gradually reduced the aggregated market-making funds on the platform to maintain the financial security of Pionex users.

The announcement states.

At the end of 2022, the crypto community was informed that Huobi was struggling with bear market conditions, the crypto industry is still experiencing shock waves from the collapse of FTX, and founder Sam Bankman-Fried’s sudden fall from grace.