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Crypto Exchange Huobi to Lay Off 20% of Staff -- WSJ

The Wall Street Journal · 01/06/2023 07:22

By Caitlin Ostroff and Elaine Yu

Crypto exchange Huobi plans to lay off about a fifth of its staff, the company said in a statement, adding to the list of firms that have faltered after the collapse of industry giant FTX.

The company said the job cuts haven't been made yet, but added "a very lean team will be maintained" in the current bear market. The exchange said its users' assets would "always be fully protected" and its security capabilities were robust.

Net outflows, the difference between the value of assets arriving and leaving Huobi, totaled almost $61 million in the 24 hours to about 3 a.m. ET, according to Nansen. The blockchain-analytics firm said this was a significant increase in outflows.

Tron, a cryptocurrency founded by Huobi advisor Justin Sun, fell 8% from 24 hours earlier, while its affiliated stablecoin USDD has depegged from its typical $1 level to trade at 98 cents.

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(END) Dow Jones Newswires

January 06, 2023 07:22 ET (12:22 GMT)

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