TechFlow news — Recently, the global authoritative financial media outlet Financial Times reported on recent personnel adjustments at Huobi. Sun Yuchen, a member of Huobi Global Advisory Board and Chinese cryptocurrency entrepreneur, told the Financial Times that Huobi is not facing financial issues, and the layoffs are part of operational optimization. "The majority" of departing employees will be based in the Asia region. Sun added, "Although this region will remain an important market, we are gradually reducing our focus on Asia." Significant workforce adjustments have become common across the cryptocurrency industry at this stage, but Huobi's planned reduction ratio is notably lower than its peers. The Financial Times noted that over the past year, several prominent companies have collapsed and the value of tokens such as Bitcoin has sharply declined. On Thursday, Silvergate—a U.S. bank focused on cryptocurrency—announced it would cut about 40% of its workforce, while digital asset lending firm Genesis plans to lay off 30%. Following a painful 2022, Huobi is now the third leading cryptocurrency company this week to announce job cuts.
