A well-known cryptocurrency exchange, Huobi Global, has denied claims that it may fire some of its staff. Additionally, it has refuted reports that 2 of its top executives recently offered their resignations.

Huobi will not fire its workers

The year 2022 was not good for cryptocurrency. Over the past few months alone, the market has lost over 2 trillion USD in value, and assets like BTC, the top-ranked digital currency on the planet by market cap, have dropped over 70% from their record highs, which were reached in November of 2021.

Many cryptocurrency organizations and exchanges have been put in difficult situations as a result of what is perhaps the strongest bear market the world of digital currencies has ever seen, and they have been forced to fire some staff in order to stay afloat and retain money in their pockets.

Coinbase and Gemini, two of the biggest US digital currency exchanges, are among the businesses that have fired staff this year. About 18% of the whole workforce of Coinbase had to be let go.

Oddly, this was intended to be the year that the business increased its workforce to previously unheard-of heights. However, as a result of the bad market, all recruiting plans were ultimately put on hold. After that, layoffs started.

Huobi Global appears to have entered the same territory as other cryptocurrency companies that have recently let go of employees, despite the company’s protestations that this shouldn’t have happened and that it hasn’t got any current plans to do so. Instead, it maintains that business is continuing as usual.

Spokeperson’s Opinion on the Situation

The spokesperson for the company said that the senior management staff at Huobi Global is carrying out their tasks as usual, according to a recent statement from the firm, and speculations of widespread layoffs are unfounded.

The stockholders have finished the capital infusion, and Huobi Global currently has a robust cash flow. Huobi has shown promising growth potential in significant regional markets, and it will keep investing in company innovation, scouting out global markets, and hiring local labor.