In a text message to Reuters, Huobi’s advisor Justin Sun confirmed that the crypto exchange plans to dismiss 20% of its employees this quarter.

“The planned layoff ratio is about 20%, but it is not implemented now. With the current state of the bear market, a very lean team will be maintained going forward,” a Huobi spokesperson told The Block.

Tron founder Sun sits on Huobi’s global advisory board. For the past few days, he’s been battling rumours of Huobi’s insolvency on Twitter. 

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