Saturday, April 13, 2024

Justin Sun Brushes Off Rumours that Huobi Is Headed for Insolvency.

Huobi adviser Justin Sun has denied rumors that crypto exchange Huobi was heading for insolvency. The speculations gained traction as the company laid off staff and shuttered internal communications.

Sun said the business development of Huobi was good and the security of users’ assets will always be fully protected. He added that the crypto exchange will fully respect the legal demands of local employees. Coin Wu, a crypto journalist, stated on January 3 that Sun had changed Huobi employee salaries from being paid in fiat to being paid in either Tether or USD Coin. He claimed that staff who disagreed with the change could be laid off. Wu also said that the crypto exchange had canceled year-end bonuses and was preparing to cut up to half of its 1,200 staff.

Moreover, a Twitter account BitRun tweeted about the communication group with internal employees had been shut down and all communication and feedback channels with employees were blocked. The user expects revolt by Huobi employees who could rug away user assets or programmers add backdoor Trojan horses and claim that the practice was not protected by domestic laws. Another user said the crypto exchange seems to be melting down in real-time and urged investors to withdraw their funds.

Huobi is a publicly listed company on the Stock Exchange of Hong Kong.

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