This round, the source said, affected people ' from critical products like exchange, app and wallet.”

The June layoffs targeted “elastic” staff like customer service and growth roles-employees less in demand as customer numbers and trading volume on the platform fell. But the source says the size of this round of cuts ' is much bigger than the first one.'Īccording to the source, a number of factors are at play as cuts continue. “Top management is unlikely to do an announcement as, after the June layoffs, they claimed that everyone's job was safe, and that no more layoffs will happen.”ĭue to the company's internal privacy practices, the employee could not provide the number of layoffs over the past month, nor the percentage of remaining employees affected. During the call, 'leadership expressed they had no intention of going public,” the source says. The latest round of cuts has not been announced publicly. Decrypt confirmed the layoffs with two other current employee sources. The source, a employee in a managerial role whose identity has been confirmed by Decrypt, spoke under condition of anonymity. On a quarterly 'all hands' call last Friday, the company informed employees of additional layoffs. “They lied,” a source inside now tells Decrypt.

Remaining employees were reportedly told at the time that those cuts were the end of the bloodletting. In June, Singapore-based crypto exchange laid off 260 employees, or 5% of its workforce, citing the crypto bear market.

Decrypt source guardian