SINGAPORE – Media OutReach – 30 January 2023 – Recently, controversy has once again arisen surrounding Huobi and Justin Sun (Yuchen Sun). Since Justin became a member of the Huobi Global Advisory Board, the exchange has made several notable marketing accomplishments, but it has also faced a few public relations crises. In response to the recent spate of controversies, Huobi released an official statement.
Recent posts regarding staff layoffs at Huobi have indicated that the company has taken steps to block internal communication channels on DingTalk to prevent employees from speaking out. These posts also disclosed the extent of the reductions and the way they were implemented, as well as the fact that employees were compensated in stablecoin, highlighting a lack of empathy on the part of Huobi towards its employees.
Huobi has stated that workforce optimization is a measure that companies resort to during difficult economic conditions. The cryptocurrency industry, including Huobi, has seen a series of layoffs in response to the current market downturn. Layoffs are often implemented to safeguard the interests of most employees and ensure the viability of a company. Without such measures, the collapse of a company would result in harm to many individuals. Huobi’s workforce optimization program has been reported to be more favorable compared to industry standards.
The implementation of any policies affecting all employees will be communicated through internal memos or emails. Communication channels between Huobi employees and the human resources department are consistently maintained and accessible.
Huobi has reported that certain accounts have been frozen due to their inability to conduct transactions in a normal manner and display of abnormal behavior. These accounts were observed to frequently trades in Huobi’s new listing tokens, with rapid movement of assets in and out. Upon investigation, it was found that these accounts generated unusual profits and rapidly reversed their gains, consistent with the characteristics of market manipulation tactics known as “rat trading.”
Huobi firmly maintains a stance of zero tolerance towards market manipulation tactics, such as “rat trading”. Under the updated governance framework, the company will continue to conduct comprehensive audits, hold accountable those who are found responsible, and timely disclose relevant information. The strong enforcement measures against rat trading demonstrate Huobi’s dedication to safeguarding the interests of its users.
Yuchen Sun, also known as Justin, stated in a tweet that with regards to security, Huobi has implemented a series of measures to secure users’ funds, including the utilization of cold wallets. This helps mitigate the risk of cyber-attacks or theft of assets. In addition, Huobi employs multi-signature technology and trusted cloud computing to protect user assets, in addition to cold wallets. The use of multi-signature technology requires the involvement of multiple parties in initiating transactions or asset movement, thereby preventing unauthorized tampering.
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This content was prepared by Media OutReach. The opinions expressed in this article are the author’s own and do not reflect the view of Siam News.
