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Crypto Com Layoffs Fire More Employees In Worse Second Job Cut Round Amid Meltdown

August 18, 2022
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Crypto Com Layoffs Fire More Employees In Worse Second Job Cut Round Amid Meltdown
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New Delhi: Crypto lending exchange Crypto.com has laid off more employees in the second round and this time, the firing of employees is worse than the previous job cut, as the global crypto meltdown gets deeper.

According to a Decrypt report, citing sources, the latest round of job cuts has not been announced publicly.

During the call, “leadership expressed they had no intention of going public. Top management is unlikely to make an announcement as, after the June layoffs, they claimed that everyone’s job was safe, and that no more layoffs will happen,” the report said late on Wednesday, citing sources.

According to the report, the Singapore-based company this time fired people “from critical products like exchange, app, and wallet.”

“The company is hiding the fact that they’ve laid off more than 1,000 employees even though they officially announced laying off 260,” a Crypto.com employee had said on LinkedIn.

“They’ve removed the company directory so we can’t see the numbers go down. It’s not good for morale to see that 1/3 of the invitation list on your next meeting is disabled accounts,” the employee had mentioned.

In June, Crypto.com announced it’s laying off around 260 employees, or nearly 5 percent of its workforce.

Its CEO Kris Marszalek said the company’s approach is to stay focused on executing against its roadmap and optimising for profitability.

“That means making difficult and necessary decisions to ensure continued and sustainable growth for the long term by making targeted reductions of approximately 260 or 5 percent of our corporate workforce,” he had announced.

(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.

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