Justin Sun has stated that the crypto exchange Huobi is not carrying out mass layoffs, according to a report from the South China Morning Post on Jan. 2. The South China Morning Post cited earlier reports from the Chinese business news outlet Jiemian, which obtained an internal statement from Sun.

That report, presumably written in Chinese, could not be located. However, Sun’s statement has been directly quoted in other sources. Sun said: “The Huobi layoff plan shared by the media is incorrect…Huobi’s business has been growing exceptionally well recently, and its daily new arrivals have risen to the top of the industry. It is a vital development era, and I believe it will be even better in 2023.”