Crypto.com chief announces layoffs

Crypto.com CEO Kris Marsalek said he plans to lay off around 260 employees, or 5% of the platform’s total workforce.

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% of our corporate workforce.

— Kris | Crypto.com (@kris) June 11, 2022

He said the company must focus on delivering its roadmap and optimising profitability.

“We will continue to assess how best to optimise our resources, […] to become winners during the next bull rally,” Marsalek wrote.

Crypto.com was hacked. Initially the company denied the loss of funds, but then they admitted an unauthorised withdrawal of $34 million.

In early May the platform announced a substantial reduction in CRO staking rewards for prepaid cards, after which the token fell more than 25%. The price recovered after Marsalek’s thread about the proposed change to the company’s decision was published.

Earlier, staff optimisations were announced by BitMEX, Robinhood, Gemini, Bitso and the parent company of the Brazilian exchange Mercado Bitcoin. 

As reported, Coinbase decided to pause hiring and to cut spending on Amazon Web Services as part of a package of cost-cutting measures.

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