Huobi International, a cryptocurrency trade, has introduced its intention to put off 20% of its 1,100 workers as a result of ongoing “bear market,” in line with Reuters.

Previously week, Huobi has skilled elevated outflows, and its general buying and selling quantity has fallen to $372 million from $443 million previously 24 hours.

Huobi’s native HT token has additionally declined by almost 11% over the previous 24 hours, to $4.64. The trade was ranked because the eighth-largest crypto trade by quantity by CoinGecko in November and sometimes attracts 12 million guests.

Founder Justin Solar took to Twitter to disclaim stories that the trade had turn out to be bancrupt, stating that the enterprise was “good” and that consumer property would “all the time be absolutely protected.”

The corporate claims that the layoffs are meant to “optimize the construction” and “enhance effectivity” of the enterprise.