Allegedly, Justin Sun’s TRON team cryptocurrency exchange took over key departments in Huobi.
Justin Sun Takes Head Of Huobi And Will Make Layoffs According To Wu Blockchain
The article goes on to state that the exchange is trying to cut back on staff because Sun believes there are “too many employees.”
Chinese crypto journalist Colin Wu described the development as follows:
“According to people close to Huobi, Huobi’s former CEO and CFO has resigned. Justin Sun’s TRON team took over key departments of Huobi. Huobi has 1,600 employees, Justin Sun believes there are too many people and there could be large-scale layoffs.”
While Justin Sun has yet to confirm his acquisition of the exchange, he currently plays an active role in the management of the cryptocurrency firm. To demonstrate his power over the company, he added Huobi’s URL to his Twitter profile and announced that he would become Huobi’s global advisor.
According to people familiar with the huobi, the former CEO and CFO of Huobi have resigned. Justin Sun’s TRON team has taken over important departments of Huobi. Huobi has 1,600 employees, Justin Sun believes that there are too many people, and there may be large-scale layoffs. https://t.co/bdMqeYPCrE
— Wu Blockchain (@WuBlockchain) October 29, 2022
TRON’s founder Justin Sun tweeted a lot about Huobi and talked about some of the moves and records the company has made recently.
Sun’s interest in Huobi is no surprise, as it was one of the largest crypto derivatives trading platforms in the world.
But the stock market lost its dominance last year after China banned citizens from trading crypto. Indeed, the crypto ban has had a significant impact on Huobi’s user base.
Data from CryptoCompare shows that China’s crypto ban has had a significant impact on Huobi’s user base. Crypto derivatives trading volume fell 27% in September alone.
By annual benchmarks, that number has dropped by 77% as Binance overtakes Huobi as the leading crypto derivatives trading platform.
*Not investment advice.
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