Huobi’s HT Token Plummets 30%: Layoffs and Insolvency Feared

Bullet Points:

• Huobi’s native token (HT) has dropped 30% in value over the past month.
• Reports indicate that Huobi has shut down internal staff communication channels and is insisting employees take their salaries in stablecoins.
• Chinese blogger Colin Wu has confirmed that Huobi’s HR department has communicated with employees, asking them to change their salaries from cash to USD Coin (USDC) or Tether (USDT).

Huobi, a Seychelles-based crypto exchange, is facing major trouble with its native token, HT, dropping 30% in value over the past month. Reports across crypto media and crypto Twitter hint at layoffs and potential insolvency, making investors increasingly worried.

Data from the crypto ranking website CoinMarketCap shows the price of Huobi’s HT token has decreased by 9% over the last seven days, and a total of 30.4% in the last 30 days. The drop in HT’s price was attributed to reports that the exchange had shut down internal staff communication channels and insisted employees take their salaries in stablecoins.

Chinese blogger Colin Wu confirmed these reports, writing that Huobi’s human resources department had communicated with the employees, asking them to change their salary from cash to USD Coin (USDC) or Tether (USDT). Those who failed to heed the new instructions were allegedly liable for dismissal. The move sparked protests from some employees, which added to the investors’ uncertainty.

Huobi has yet to make an official statement regarding the reports and speculation. However, some analysts have suggested that the exchange may have decided to move towards stablecoins in order to save money and reduce costs during this difficult financial climate.

Whatever the reason, the news of Huobi potentially facing insolvency and layoffs has sent shockwaves across the crypto industry. Investors are watching closely to see how the situation develops and whether Huobi will be able to get back on its feet.

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