The founder and CEO of the world’s largest exchange, Huobi, Leon Li, is apparently trying to sell his more than 50% ownership in the business as the exchange struggles financially after barring Chinese consumers. EXCLUSIVE: Huobi founder Li Lin is looking to sell his stake in Huobi. Li Lin currently holds more than 50% of the shares. The second largest shareholder of Huobi is Sequoia China. Huobi’s revenue plummeted after it wiped out all Chinese users and is laying off staff. https://t.co/67KOlW9aT9 — Wu Blockchain (@WuBlockchain) July 1, 2022 Huobi Downsizing Numerous exchange platforms made quick cost reductions to survive the winter due to the recent decline in the cryptocurrency market. The first option for such crypto firms was downsizing. A termination trend that saw many crypto companies fire up to 25% of their personnel began to emerge in the middle of June. In addition, many are already insolvent in secret and will collapse shortly, according to Sam Bankman-Fried, the second-largest founder of FTX. Huobi anticipates firing 300 employees, or about 30 per cent of the workforce. Upon hearing of Huobi’s financial difficulties, a corporate representative said: “Due to the current market environment, Huobi Global is in the process of reviewing both its hiring policies and its current manpower, with the goal of re-aligning them to its operational needs. Further to such review, layoffs are a possibility.” Huobi publicly anno...
