Huobi cryptocurrency exchange has confirmed plans to lay off 20% of its employees as part of the ongoing restructuring following Justin Sun’s acquisition of the firm. “The planned layoff ratio is about 20%, but it is not implemented now,” a spokesperson for Huobi said in a statement to Cointelegraph on Jan. 6. The representative emphasized that the allegations on Huobi firing as many as 40% employees is a rumor. Huobi has established a new organizational structure after the new shareholders have taken over, the spokesperson said, adding that the firm has adjusted the business departments. “With the current state of …

Speculation on Twitter that crypto exchange Huobi has laid off staff and shuttered internal communications have prompted the community to advise users to withdraw funds, despite an advisor to the exchange denying the rumors. In a Jan. 5 tweet, Huobi advisor Justin Sun addressed rumors of purported insolvency saying the business development of the exchange was “good” and the “security of users' assets will always be fully protected.” Sun also seemingly brushed off speculation around disgruntled staff saying Huobi will “fully respect the legal demands of local employees.” Earlier, on Jan. 3, crypto journalist Colin Wu reported Sun changed Huobi …

Tron-based tokens such as JUST (JST) have surged as much as 1000% on FTX, as users scramble to find ways of extracting locked-up liquidity from the beleaguered exchange. At the time of writing, Tron’s native token TRX is trading at roughly $0.33 on the FTX exchange, more than five times its current market price, according to CoinGecko. Meanwhile, BitTorrent (BTT), JUST (JST) and the Sun Token (SUN) are trading on the exchange at premiums ranging from 525% to 1,196% compared to the market price. As it stands, the prices are extremely volatile and constantly changing. The overinflation of Tron-related tokens …

In April 2022, the Tron network launched USDD, a token pegged to the U.S. dollar, as an "over-collateralized stablecoin," meaning its likelihood of slipping below $1 should be lower due to excessive reserves backing its valuation. USDD stablecoin slips below $1 peg But it was not enough to keep USDD's price anchored to $1 on Nov. 8 when some whales dumped over 11 million USDD tokens to seek exposure in rival stablecoins Tether (USDT) and USD Coin (USDC). A day later, USDD's price fell to as low as $0.96, followed by a modest recovery to $0.98 on Nov. 10. The …

Huobi Token (HT) has been up 12% in the last 24 hours and is one of the few cryptocurrencies bucking the general downtrend. Trading at over $7, HT's price is up over 80% since the beginning of this week, which is also its best weekly performance since February 2021. HT's intraday gains coincide primarily with crypto exchange Huobi Global announcing the opening of Starfish Finance (SEAN) spot trading on its platform. Plans to "empower" HT Additionally, HT's impressive weekly gains were related to About Capital Management. On Oct. 8, this Hong Kong-based investment firm announced purchasing Huobi Global, one of …

Leon Li, the co-founder of global crypto exchange Huobi, is reportedly in talks to sell the majority of his stake in the company that could be valued at over $1 billion. Li reportedly had discussions with multiple financiers seeking to offload a 60% stake in the crypto company, which could be valued at over $1 billion and some believe could fetch as high as $3 billion, reported Bloomberg. A Huobi spokesperson confirmed to Bloomberg that the co-founder is engaging with numerous international giants to sell his majority share in the crypto exchange, without disclosing details. Li reportedly informed about his …

Starting any cryptocurrency journey begins with a single exchange, trade or transfer from fiat to crypto. Since the experience differs from that of traditional currencies, many users are often presented with a steep learning curve to begin buying, storing and trading digital assets. This finding resulted in several exchanges that were able to capture market share in the early trading days with basic functionality tailored to new users. However, as the industry and users themselves have evolved, offerings have fallen short in adapting their products to meet the changing needs of their customers. And this reality has only become more …

According to local sources, the Chinese government has released a series of statements denouncing the value of the nonfungible token, or NFT, market, even though two of the nation’s major tech firms are pursuing the technology. The story was first released locally by the Securities Times — a news publication service acting as a spokesperson for the official Chinese Communist Party outlet People’s Daily — and reported by the South Morning China Post. The remarks claimed that “it is common sense that there is a huge bubble in NFT transactions,” and that most NFT buyers who acquire with a financial …

United States Securities and Exchange Commission Commissioner Hester Peirce, known colloquially as “Crypto Mom,” has slammed the SEC for its $10-million settlement with cryptocurrency exchange Poloniex. The SEC announced the $10-million settlement on Monday, with Poloniex being charged with facilitating trades in unregistered securities between July 2017 and November 2019. The SEC asserted that Poloniex employees “stated internally” that they wanted to be “aggressive” in circumventing securities regulation in a bid to increase market share by listing new digital assets that may be deemed securities under the Howey Test of 1946. Poloniex elected to neither admit nor deny any wrongdoing. …

DLive, the decentralized streaming platform that Justin Sun purchased and migrated to Tron in December 2019, was used by several far-right extremists to livestream their insurrection in the United States Capitol building on Wednesday. The extremists were also able to raise donations during the broadcast, and the platform has been accused of allowing extremists to raise “hundreds of thousands” of dollars, mostly in cryptocurrency, since it was founded. According to the Southern Poverty Law Center’s Hatewatch blog, at least five DLive accounts livestreamed Wednesday’s shocking protest: “Murder the Media,” “Loulz,” “Woozuh,” “Gloomtube” and “ Baked Alaska.” However, the organization could …

Every industry, group, clique and conclave has its own share of weirdos — cryptocurrency and blockchain are no exception. Considering that cryptocurrency is the so-called “native” currency of the internet — the repository of the sum of human knowledge and the eccentricities there contained — the crypto sector is home to perhaps even weirder moments and personalities than more established and traditional industries. Outside of crypto’s inherently odd character, 2020 itself has shaped up to be a bizarre, if not downright terrible year. Existing socioeconomic problems in countries around the globe were exacerbated by the appearance of the novel coronavirus …

Peer-to-peer file sharing service BitTorrent, and little brother uTorrent, have now been downloaded more than two billion times on various platforms. Last year the network accounted for 3% of all downstream, and 28% of all upstream, traffic across the internet. The company attributes the figures to the “longstanding popularity of its classic desktop torrent clients, as well as its new web-based torrent downloader and player built for the streaming age”. It said the Android version of the service on Google Play Store is the “most popular torrent downloader”. In the announcement, Sun hinted that BitTorrent would soon be releasing new …