Citing ‘bear market’, Crypto exchange Huobi to cut staff by 20%

SINGAPORE: Crypto exchange Huobi plans to lay off about 20% of its staff, the company said on Friday, in the latest instance of cost-cutting in the industry as investor interest in digital assets wanes. “The planned layoff ratio is about 20%,” Huobi said. “With the current state of the bear market, a very lean team will be maintained going forward.” The statement confirmed an earlier message from Tron founder Justin Sun, who said the “structural adjustment” in Huobi had not started yet but was expected to be completed by the end of the first quarter.