Huobi Global denies "large-scale layoffs" and resignations of key executives

Huobi Global Spokesperson Says Layoff Rumors Are "False" And "The Leadership Team Is Fulfilling its functions as usual".< /p> New

Huobi Global says it has no plans for 'large-scale layoffs' and has refuted reports that two of its top executives have quit amid a takeover of the Seychelles-based crypto exchange.

Reports that the company's CEO Leon Li and CFO Chris Lee have resigned appear to come from an October 29 Twitter post from Chinese crypto blogger Colin Wu, citing "people familiar" with Huobi.

The Twitter post also suggested that there could be mass layoffs planned for its 1,600 employees due to "too many people" working at the company.

However, a spokesperson for Huobi Global told Cointelegraph that the rumors of mass layoffs were "false" and that its senior management continued to perform their duties "as usual", stating:

"Huobi Global's management team is carrying out its duties as usual, and rumors of large-scale layoffs are false. At present, Huobi Global is enjoying healthy cash flow and the new shareholders have completed the capital injection."

"Huobi has demonstrated positive development potential in key regional markets and will continue to invest in business innovation, exploring international markets and recruiting local employees," they added.

However, the spokesperson admitted that due to the downturn in the crypto market, some cost reductions could still be considered, although he did not elaborate on what this might entail, stating:< /p>

"Huobi Global is currently in a sound financial position, but due to the current market downturn, Huobi will also make adjustments to reduce costs and increase efficiency."

Related: Why did the price of the Huobi token rise 12% today while the rest of the market is collapsing?

Huobi is a Chinese cryptocurrency exchange...