Huobi, a crypto exchange, to lay off 20% of workforce

By The Exchange Team

Huobi, a cryptocurrency exchange, announced Friday that it will cut its global workforce by 20%.

As per CoinGecko, the Seychelles-based business trades $370 million per day, one of the largest exchanges globally.

“The targeted layoff ratio is roughly 20%,” Huobi advisory board member Justin Sun told CNBC.

According to the Financial Times, Huobi employed approximately 1,600 employees worldwide as of October.

As per CoinMarketCap, Huobi's native HT token fell as low as $4.3355 Friday, down almost 7% from the day before.

After FTX's collapse, crypto traders are looking for signs of the next digital asset crash victim.

According to CryptoQuant, approximately 300,000 bitcoins left centralised exchanges from Nov. 6 to Dec. 7.