Huobi token drops after reports of internal conflicts surface

The native token of Chinese crypto-currency exchange Huobi Global, Huobi Token, has fallen nearly 9% in the past 24 hours after reports of internal conflicts surfaced on social media. The crypto-currency exchange’s trading volume has also dropped by 23 percent in the past 24 hours.

Internal strife reported at Huobi Global

Earlier this week, it was reported that Huobi Global is asking employees to take salaries in stablecoins instead of fiat currencies, and if employees refuse, they could be fired from the company. Now, it is reported that the crypto exchange has blocked all internal communication groups in an attempt to curb the rebellion. After these reports, Huobi Global’s trading volume and the value of its native token have dropped sharply. At the time of writing, the Huobi token is down 9% and trading at $4.34. The token has lost nearly 30% in the past 30 days.

Justin Sun announces 20% layoffs

Wu Blockchain reported earlier this month that Huobi Global was considering laying off a large number of employees. Today, Justin Sun confirmed to Reuters that Huobi would be laying off 20% of its staff. In an internal memo to Huobi staff, Justin Sun said they were like “fire in this crypto winter“. However, he did not comment on reports of internal conflicts in the exchange.

USDD, the Tron algorithmic stablecoin led by Justin Sun, also appeared to depreciate yesterday. The stablecoin hit as low as $0.9754.