Justin Sun Proposes to Acquire the German Government\'s Bitcoin Holdings, Worth Over $2.3 Billion

Justin Sun, the founder of Tron, has made a proposal to acquire the German government's Bitcoin holdings, worth over $2.3 billion.

Cryptocurrency exchange Huobi is reportedly planning to lay off 20% of its workforce, becoming the latest crypto firm to downsize amid the ongoing market downturn.

According to a Monday report from Bloomberg, citing people familiar with the matter, the layoffs will affect about 300 employees across several departments, including technology and human resources. The exchange is also said to be preparing to close its offices in some smaller countries.

A Huobi spokesperson declined to comment on the specific layoff numbers but told Bloomberg that the exchange "will continue to optimize our team structure and streamline our operations to adapt to the dynamic market environment."

"As part of this effort, we will be making some adjustments to our workforce, which will involve both hiring and layoffs," the spokesperson added. "We are committed to treating all affected employees with fairness, respect, and support during this transition."

The layoffs come about a month after Huobi announced plans to lay off 6% of its staff, or roughly 100 employees, as part of a broader cost-cutting measure. At the time, the exchange said it was aiming to "further enhance operational efficiency and optimize our product offerings."

Several other crypto exchanges have also announced layoffs in recent months, including Coinbase, Crypto.com, and Gemini. The layoffs are largely seen as a response to the downturn in the cryptocurrency market, which has seen prices of major coins like Bitcoin (BTC) and Ether (ETH) drop significantly from their all-time highs.

Coinbase announced plans in June to lay off 1,100 employees, or about 18% of its workforce, following an earlier round of layoffs that affected roughly 950 employees. Crypto.com also announced plans in June to lay off 260 employees, about 5% of its workforce, while Gemini announced plans in January to lay off 10% of its staff.

Meanwhile, FTX, which acquired Blockfolio in 2020, announced plans in September to lay off nearly half of Blockfolio's staff, or about 100 employees. The layoffs were part of a broader effort by FTX to integrate Blockfolio's operations into its own.

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