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After massive layoffs, Founder Of Top Crypto Exchange Looking To Exit

03-Jul-2022 By: Sudeep Saxena
After massive layoff

After massive layoffs, Founder Of Top Crypto Exchange 

Looking To Exit

All types of businesses operating in the cryptocurrency industry are being impacted by the current market collapse. And the possibility of a market meltdown does not exclude cryptocurrency exchanges.

Huobi's founder looking for a way out after cryptocurrency layoffs

There is yet another repercussion after rumors that the Seychelles-based crypto exchange Huobi was pondering major layoff plans. However, Li Lin, the exchange's creator, is apparently planning to leave the business. 

Colin Wu said on Twitter that Lin is thinking about selling his exchange share. According to reports, Lin owns more than half of Huobi's shares.

Wu said last week that Huobi could be thinking of laying off more than 30% of the current employees. This action was probably driven by a substantial decline in Huobi's revenue caused by the deletion of Chinese user accounts. After the users were terminated, the exchange's earnings drastically decreased, forcing the exchange to cut jobs.

Standing Strong Despite The China Blow?

A Chinese cryptocurrency prohibition from the previous year compelled Huobi to terminate millions of Chinese user accounts from its site. The platform's trading volume was reduced by almost 80% as a result of the extensive removal. Panda, a crypto enthusiast, said Huobi handled the demand of withdrawals admirably. "The removal accounted for 80% of trade volume, yet Huobi managed to withstand pressure from coin withdrawals and is still going strong today."

According to sources, Huobi is still among the top 10 cryptocurrency exchanges in terms of trading volumes, liquidity, traffic, and confidence.

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