Media: Huobi plans mass layoffs and wage cuts

Chinese cryptocurrency exchange Huobi plans to lay off most of its staff in the new year, as well as cut wages for senior employees, according to local media.. The news was shared by Chinese reporter Colin Wu. A month ago, the company said that the rumors about the upcoming layoffs are false.. But according to Wu, people familiar with the internal workings of the exchange said that the company continues to implement this plan. The exchange is expected to reduce the size of its team from 1,200 people to 600-800 employees and cancel the annual bonuses introduced this month.. Bonuses in the form of different cryptocurrencies were to be received by users who actively participated in the Huobi community. Now the exchange intends to cancel the program as the crisis in the market strengthens, journalists assure. Like many other cryptocurrency companies that hired a large number of employees and spent on advertising during quieter times, Huobi is forced to cut costs, including for its employees. It was previously reported that the decentralized application network Octopus Network will lay off about 40% of its employees in order to adapt the company to market conditions.