Crypto exchange Huobi plans to lay off about 20% of its staff, Tron founder Justin Sun told Reuters.

Sun, a Chinese cryptocurrency entrepreneur who is also a member of Huobi's global advisory board, said in a text message to Reuters that the "structural adjustment" has not started and is expected to be completed by the first quarter.

Sun billed the restructuring as "short-term pains" that can eventually bring advantages to the exchange. It was not immediately clear how many staff Huobi currently has.

(By Xinghui Kok)