Announces 20% Headcount Cut, Citing Market Conditions Post FTX

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Singapore-based digital asset exchange will lay off 20% of its workforce, co-founder and chief executive officer Kris Marszalek said in a Twitter post on Friday. He did not mention the actual number of jobs lost.

See related article: Coinbase plans to cut jobs and close most of its cryptocurrency operations in Japan

brief information

  • “While we continue to perform well, market conditions and recent industry events have made this the right decision for the company at this time,” Marszalek said. he wrote on Twitter.
  • cut jobs in July last year, blaming a global economic downturn that failed to prepare the exchange for the collapse of FTX and the resulting loss of confidence in the industry, said the -CEO of the exchange in a letter to employees on the company’s site. recent decline.
  • Last summer, said it was laying off 260 employees, which was 5% of its workforce at the time. However, the company released hundreds more without making it public, The Verge reported in August, citing unnamed sources. In response, the CEO said he had no obligation to announce any job cuts, according to The Verge.
  • joins the growing list of cryptocurrency exchanges that have announced staff cuts following the failure of FTX last November. These include Kraken, Coinbase, Huobi, and
  • In November, Marszalek said in a live Q&A session owned by that the company had less than $10 million exposure to FTX.
  • Cronos, the native token of the Singapore-based exchange, fell more than 50% in the week of the FTX failure as investors became more cautious about tokens issued by centralized exchanges.

See related article: SEC in US orders Genesis, Gemini to sell Unregistered Securities


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