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Huobi Crypto exchange faced a significant downfall in its net 24 hours global Crypto trade volume on its platform over some controversial news. 

Huobi Global is a popular Crypto platform. The services of this exchange are available in multiple countries including Japan & South Korea via its subsidiaries. Huobi Token (HT) is a native token of the Huobi Crypto exchange and the current price of HT token is 8.48% down over the last 24 hours’ trade price.

Trade volume & native token price of Huobi plunged badly 1

Notably, it has been found that net 24 hours crypto trade volume on the Huobi exchange also plunged by approximately 19%+.

The significant financial downfall of this exchange occurred because of the spreading controversial news about this exchange. 

A few reports noted that Huobi exchange planned to reduce some of the employees and further hire those new employees who will agree to accept payments in stablecoins. 

A few Twitter users reported that Huobi suspended its employees from the internal communications channels so that they can’t talk to each other regarding this matter. And few people claimed that Huobi had no assets to pay for the employees because this exchange lost its funds in a theft incident.

In an interview with Hong Kong’s SCMP, Justin Sun, advisor & anonymous owner of the Huobi exchange, dismissed all such reports of staff layoffs. 

Reports noted that the Huobi exchange may face an incident more likely to FTX if the exchange’ single mistake will come into the light to the Huobi customers. 

Just now, Justin suggested people remain away from FUD.

Read also: US authorities shifted their focus to search for other missing ex-FTX executives



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