After severing relations with Huobi Global, Huobi Korea, the Huobi subsidiary in South Korea, plans to function independently, as reported by a local Korean news station, News1.
Huobi Global’s creator, Leon Lin, also had a majority stake in Huobi Korea. Chairman of Huobi Korea Jo Guk-Bong and Korea Land Trust are two other key owners.
The move will need talks over who gets what share of the stock. Lin will sell the majority of his shares to Jo, who also runs a cryptocurrency mining firm.
The community has lately pushed back against Huobi Global, and Huobi employees who refuse to be paid in USDT/USDC may be terminated.
Justin Sun’s HR is communicating with all Huobi employees to change the salary form from fiat currency to USDT/USDC; employees who cannot accept it may be dismissed. The move sparked protests from some employees. Exclusive https://t.co/QB4sjDyHc7
— Wu Blockchain (@WuBlockchain) January 4, 2023
It has been speculated by several Twitter users that the exchange has severed lines of contact with the company’s internal staff. Some claim that general adviser Justin Sun has stolen over $1.5 billion from the company since last October.
–@HuobiGlobal has shut down its communication group with internal employees and block all communication and feedback channels with its workers.
Justin Sun an “advisor” to the exchange, seen by many as the man in charge) has cashed out $1.5B+ in fiat since October. #Huobi #trx pic.twitter.com/3KL6kBVLRF
— Thichruiro.eth (💙,🧡) 🛸.L2 (@Thichruiro) January 6, 2023
Huobi recently stated that it would lay off 20% of its workforce despite its difficulties, following denials of job cutbacks by its adviser. On January 6th, analytics firm Nansen revealed that the exchange had seen $94.2 million in net withdrawals over the preceding seven days, with $60 million occurring during the previous 24 hours.
Huobi’s HT token fell from $5.3688 on January 6th to $4.3432 the next day, despite the optimism of Huobi adviser Justin Sun. Based on data from CoinMarketCap, the price of HT right now is $4.90.
