Chances are there this might not sound usual but a crypto company making its employees accept salary in crypto is not being welcomed. The instance happened with leading crypto exchange Huobi where the company is reported to be forcing employees to, rather than in fiat, accept their salaries in stablecoins USDT or USDC.
In addition, the decision does not come with an alternative as it is also being claimed that employee’s denial could lead to their termination from the company. Although the Human Resources (HR) department is in constant contact with them, the decision was not taken by the working staff as it might have expected to be taken as.
Forcing employees to receive salary in crypto is not the only aggressive move from the company. Not much time passed when the news surfaced about the company’s planning to reduce the headcount. Several sources reportedly affirmed that from 600-800 to 1200 employees could be eliminated from the current workforce of Huobi.
Moreover, the year end bonuses of employees were also put under the mat and company’s senior officials were also reported to get reduced pay in their salaries.
Citing the possibility of any internal rebellion, Huobi is reported to shut down the internal communication channel for staff. The aftereffects of these actions are likely to appear with time but one thing that started reacting already is Huboi Token (HT) price.
Currently HT is trading at 4.35 USD with an over 8% decline in the last 24 hours. The same scenario with the token is for more than a week, it had witnessed a drop of up to 16% in the last week, according to CoinMarketCap data.
Huobi token price brokedown the $5 range last night and it has turned bearish since then. Sellers are aggressive for decline and can lead the trend until pivotal support of $3.8.
The recent reports of sacking off the employees is not in line with Tron founder Justin Sun’s Tweet. Sun noted about hiring more employees within the company. Moreover he was also seen to talk about a balanced and fair workplace while making it more diverse by hiring female employees.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/01/06/huobi-exchange-turmoil-leading-ht-token-to-face-repercussions/