Huobi Global, a cryptocurrency exchange, has announced its intention to lay off 20% of its 1,100 employees due to the ongoing "bear market," according to Reuters.
In the past week, Huobi has experienced increased outflows, and its overall trading volume has fallen to $372 million from $443 million in the past 24 hours.
Huobi's native HT token has also declined by nearly 11% over the past 24 hours, to $4.64. The exchange was ranked as the eighth-largest crypto exchange by volume by CoinGecko in November and typically attracts 12 million visitors.
Founder Justin Sun took to Twitter to deny reports that the exchange had become insolvent, stating that the business was "good" and that user assets would "always be fully protected."
The company claims that the layoffs are intended to "optimize the structure" and "improve efficiency" of the business.