laid off over 100 employees

Since the beginning of 2023, crypto companies have laid off more than 1,500 employees at various levels in total. The dominance of the bearish trend in the market is forcing exchanges and blockchain startups to switch to less expensive business models.

The platform announced a 28% reduction in staff. A little over 100 employees left the company.

Moreover, this staff reduction was not the first for over the past year. In July, the team was reduced by 150 people.

This decision was taken against the backdrop of a loss of $ 270 million caused by the collapse of the Three Arrows Capital hedge fund. All laid-off workers will receive severance pay.

The representative of emphasized:

In order to balance our products with demand, we have made the difficult decision to cut operating costs and headcount and adjust our business as the crypto market faces big challenges.

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