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In the last day, Huobi’s net outflows reached over 60 million

In the last day, Huobi’s net outflows reached over 60 million

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Within the last week, Huobi, a cryptocurrency exchange, saw net outflows of nearly $94.2 million. Crypto analysis firm Nansen estimates that $60 million has exited the exchange in the last 24 hours alone.

Rumors circulated on Twitter about Huobi firing employees and halting internal communications due to financial difficulties are believed to have caused the stock exchange’s significant surge in outflows.

Additionally, according to Nansen, a significant portion of withdrawals in Tether were made from wallets with sizeable balances.

According to a Huobi spokesperson speaking to Cointelegraph on Jan. 6, the projected layoff rate is about 20%, though it’s not currently being implemented, debunking reports that Huobi has laid off up to 40% of its workforce. The layoffs are reportedly the result of an ongoing restructuring after Justin Sun bought the company.

Huobi has denied these reports, but due to Sun’s antics, many users are still pessimistic about the future of the exchange.

Responding to rumors about the exchange’s financial condition and the layoffs of employees, Sun claimed that the exchange’s company is operating successfully and that users’ funds are fully protected.

Leon Li, the founder of Huobi and its largest shareholder, sold all of his shares on the stock exchange to a Sun-affiliated company in October 2022. Several influential Huobi executives left the company immediately after the sale. It is believed that these departures were related to their attempts at reform.

Summary of the news:

In the last day, Huobi’s net outflows reached over 60 million. Check all the news and articles from the latest business news updates.

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