As the situation developed, several Twitter reports came out, suggesting that several Huboi employees who were unhappy with these changes had started creating fake social media accounts in order to voice their concerns to Justin Sun. Some reported even said that many of the employees were protesting the recent changes at the company. In response, Justin Sun published a tweet in Chinese, trying to calm the community by highlighting various positive aspects of the business, while also pointing out that the exchange was still in perfectly good condition and the average daily growth rate of new registered users and capital inflows were exceeding the peak when compared to the previous year.
Justin Sun’s Huobi exchange will cancel all year-end bonuses, and will prepare to lay off the team of 1,200 people to 600-800 people, and cut the salaries of senior employees, according to several insiders. Exclusive— Wu Blockchain (@WuBlockchain) December 30, 2022
Unfortunately Justin Sun's reassurances were unable to convince social media, with many Chinese individuals tweeting that the situation was actually not as rosy as Sun was making it out to be. One tweet went as far as to allege that the "Merkle tree and trading volume officially announced by Huobi were fake" and that Justin Sun should "settle the wages of the employees" before the company lays off any more employees.
.@HuobiGlobal is an exchange that was founded in 2013 and has since grown to become one of the most popular exchanges in the world. Huobi has a strong focus on technology and security,and it has implemented a number of measures to ensure the safety of its users and their assets.— H.E. Justin Sun?????₮ (@justinsuntron) January 6, 2023
Being a member of Huobi's global advisory board, Justin Sun sent an internal memo to Huobi staff, saying that the exchange was like "a fire in the (crypto) winter", despite the deteriorating macro environment during the ongoing bear market. He added that the platform had been seeing an average of over 20,000 new daily users in the past three months.
In conclusion, at Huobi, our strategy is to "Ignore FUD and Keep Building." By staying true to our mission, investing in technology and security, listening to our users, we're able to provide a trusted and reliable platform for our users to buy, sell, and trade cryptocurrency.— H.E. Justin Sun?????₮ (@justinsuntron) January 6, 2023