{"id":70960,"date":"2022-12-05T09:39:28","date_gmt":"2022-12-05T07:39:28","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=70960"},"modified":"2025-09-08T05:18:20","modified_gmt":"2025-09-08T02:18:20","slug":"swyftx-cuts-another-90-jobs","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/swyftx-cuts-another-90-jobs\/","title":{"rendered":"Swyftx cuts another 90 jobs"},"content":{"rendered":"

An Australian cryptocurrency exchange Swyftx has announced the layoff of a further 90 staff. This, as stated<\/a> in a note from management.<\/p>\n

Top executive Alex Harper said the company had to \u201cprepare for the worst-case scenario\u201d at the start of 2023 and to consider \u201cthe possibility of new events like black swans.\u201d In his words, Swyftx has no direct ties to FTX, but is not insulated from the fallout of the bitcoin exchange\u2019s collapse.<\/p>\n

\n

\u201cWe know that not everyone on the team will understand the sudden need for [reductions], especially given the surge in trading volumes in November and the financial audit this week, but our priority at the moment is to exit the current market from a position of strength,\u201d Harper wrote.<\/p>\n<\/blockquote>\n

He described the decision as difficult but necessary. The chief executive stressed that the platform is exercising \u201cexceptional caution\u201d with regard to spending next year. Staff affected will receive severance pay and assistance in finding new positions.<\/p>\n

A company spokesperson, in a comment to Cointelegraph stated<\/a>, that the workforce was cut by 40%. The bulk of the reductions affected the research and development unit.<\/p>\n

For the first time Swyftx cut staff<\/a> in August. At that time, 74 employees lost their jobs, and Harper described the decision as an extreme measure necessary under current economic conditions.<\/p>\n

Earlier, the parent companies of Brazil’s Mercado Bitcoin, Mercado Bitcoin<\/a>, BitMEX<\/a>, Robinhood<\/a>, Gemini<\/a>, Bitso<\/a> and Crypto.com<\/a>.<\/p>\n

Coinbase announced staff cuts of roughly 18%, crypto-lending platform BlockFi \u2014 by 20%<\/a>. According to reports, Huobi will lay off 30%<\/a> of its workers, gaming NFT studio Immutable \u2014 more than 20%<\/a>.<\/p>\n

In December, around 1,100 Kraken employees<\/a> were left without work.<\/p>\n

Later, Bybit announced staff cuts<\/a> as part of a business reorganisation \u201cin a protracted bear market.\u201d<\/p>\n

Follow ForkLog\u2019s bitcoin news in our Telegram \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"

An Australian cryptocurrency exchange Swyftx has announced the layoff of a further 90 staff.<\/p>\n","protected":false},"author":1,"featured_media":70961,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[108,83,1166],"class_list":["post-70960","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-australia","tag-business","tag-centralized-exchanges-cex"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/70960","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=70960"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/70960\/revisions"}],"predecessor-version":[{"id":70962,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/70960\/revisions\/70962"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/70961"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=70960"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=70960"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=70960"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}