Doubts mount over Huobi’s future as harsh layoff rumors denied

Speculation connected Twitter that crypto speech Huobi has laid disconnected unit and shuttered interior communications person prompted the assemblage to counsel users to retreat funds, contempt an advisor to the speech denying the rumors.

In a Jan. 5 tweet, Huobi advisor Justin Sun addressed rumors of purported insolvency saying the concern improvement of the speech was “good” and the “security of users' assets volition ever beryllium afloat protected.”

Sun besides seemingly brushed disconnected speculation astir disgruntled unit saying Huobi volition “fully respect the ineligible demands of section employees.”

Earlier, connected Jan. 3, crypto writer Colin Wu reported Sun changed Huobi worker salaries from being paid successful fiat to beryllium paid successful either Tether (USDT) oregon USD Coin (USDC), claiming unit who disagreed with the alteration could beryllium laid off.

Justin Sun's HR is communicating with each Huobi employees to alteration the wage signifier from fiat currency to USDT/USDC; employees who cannot judge it whitethorn beryllium dismissed. The determination sparked protests from immoderate employees. Exclusive https://t.co/QB4sjDyHc7

Wu earlier reported successful Dec. 2022 that Huobi canceled year-end bonuses and was preparing to chopped up to fractional of its 1,200 unit citing insiders.

The determination to alteration the wage outgo from fiat to stablecoins sparked protests from immoderate employees according to Wu.

A Jan. 4 tweet from the Twitter relationship “BitRun” claimed a “communication radical with interior employees” astatine the speech had been unopen down and “all connection and feedback channels with employees” were blocked.

BitRun added they weren't ruling retired a revolt by Huobi employees who could “directly rug distant idiosyncratic assets oregon programmers adhd backdoor Trojan horses” claiming the signifier was “not protected by home laws.”

Related: ‘Old wealth has each but fled,’ Huobi co-founder discusses challenges of moving $400M VC fund

Huobi is based successful Seychelles, with offices successful Hong Kong, the United States, Japan and South Korea. It’s a publically listed institution connected the Stock Exchange of Hong Kong.

The ominous informing was capable for 1 Twitter idiosyncratic to claim Huobi “seems to beryllium melting down successful real-time” and others suggested users retreat funds from the speech owed to the rumors.

Huobi Token (HT) is down astir 7% implicit 24 hours according to CoinGecko data.

Cointelegraph contacted Huobi for remark but did not person a effect astatine the clip of publication.