{"id":71256,"date":"2022-12-09T15:17:17","date_gmt":"2022-12-09T13:17:17","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=71256"},"modified":"2025-09-08T07:24:17","modified_gmt":"2025-09-08T04:24:17","slug":"amber-group-trims-staff-and-operating-costs-amid-crypto-winter","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/amber-group-trims-staff-and-operating-costs-amid-crypto-winter\/","title":{"rendered":"Amber Group trims staff and operating costs amid crypto winter"},"content":{"rendered":"<p>Amber Group terminated<a href=\"https:\/\/forklog.com\/en\/news\/amber-groups-whalefin-to-sponsor-chelsea-fc\"> sponsorship agreement<\/a> with the Chelsea football club for \u00a320m ($25m) and announced a 40% staff cut.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p dir=\\\"ltr\\\" lang=\\\"en\\\">Amber said less than 10 per cent of its trading capital was stuck on FTX. It will stop retail operations and terminate a sponsorship deal with Chelsea FC. Amber completed the financing plan of $50m out of the original plan of 100m. Staff cut from 700 to 400. <a href=\\\"https:\/\/t.co\/muW69gXNZM\\\">https:\/\/t.co\/muW69gXNZM<\/a><\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a href=\\\"https:\/\/twitter.com\/WuBlockchain\/status\/1601129802697932800?ref_src=twsrc%5Etfw\\\">December 9, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>In September, Amber carried out the first round of personnel optimization.<\/p>\n<p>The management plans to relocate the Hong Kong team to a simpler office, consider closing several small regional offices as part of cost-cutting measures amid the crypto winter.<\/p>\n<p>On November 9, Annabelle Huang<a href=\\\"https:\/\/twitter.com\/ambergroup_io\/status\/1590382086514704390\\\"> said<\/a> that about 10% of trading capital was \u201cstuck\u201d on the bankrupt exchange FTX.<\/p>\n<p>In an interview with the <a href=\\\"https:\/\/www.ft.com\/content\/5dca5327-124a-4a44-8af3-116e9634a2dd\\\">Financial Times<\/a>, she spoke out against \u201cpredatory and misinformed\u201d speculation regarding Amber Group&#8217;s resilience.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p><em>There are no disruptions to daily operations<\/em>, explained Huang.<\/p>\n<\/blockquote>\n<p>Users of the platform continue to make deposits, withdraw funds and trade as usual, a Bloomberg source confirmed.<\/p>\n<div class=\\\"wp-block-text-wrappers-update-2 article_update\\\"><time class=\\\"gtb_text-wrappers_update_time\\\">9 December 2022 | 18:08<\/time><span class=\\\"gtb_text-wrappers_update_head\\\">Update: <\/span><\/p>\n<p>According to sources <a href=\\\"https:\/\/www.theblock.co\/post\/193616\/amber-group-vauld-ceo-counterparty1-a-130-million?utm_source=rss&#038;utm_medium=rss\\\">The Block<\/a>, Amber Group owes about $130 million to co-founder and CEO of the crypto-lending platform Vauld Darshan Bathija. Representatives of the parties did not comment on this information.<\/p>\n<p>At the same time Amber <a href=\\\"https:\/\/www.theblock.co\/post\/193530\/amber-group-satellite-hubs-lose-key-executives\\\" title=\\\"\\\">announced<\/a> to the publication that the company lost several top executives: Angie Beiler, head of US corporate sales; Razzi, CEO of the US unit; and Dimitrios Kavvatas, CEO of MENA, and others.<\/p>\n<p>The company has abandoned plans to expand its business in the US and Europe.<\/p>\n<\/div>\n<p>The initial plan to raise $100m has so far only been partially realized. It was paused to assess the consequences of the FTX collapse.<\/p>\n<p>It was expected that Amber Group would maintain<a href=\"https:\/\/forklog.com\/en\/news\/amber-group-raises-200-million-at-a-3-billion-valuation\"> a $3 billion valuation<\/a>. In the spring, Bloomberg sources reported management&#8217;s plans to reach<a href=\"https:\/\/forklog.com\/en\/news\/bloomberg-reports-amber-group-plans-to-raise-funding-at-a-10-billion-valuation\"> a $10 billion figure<\/a>.<\/p>\n<p>The firm is considering launching a new round of funding, according to FT sources. Huang urged not to regard this as a \u201cfailure,\u201d as the platform is \u201cnot under pressure to raise capital.\u201d<\/p>\n<p>As reported on November 25, Amber Group announced<a href=\"https:\/\/forklog.com\/en\/news\/amber-group-reports-death-of-co-founder-tiantian-kullander\"> the death of a co-founder<\/a>.<\/p>\n<p>Read ForkLog&#8217;s bitcoin news on our <a href=\\\"\/\/telegram.me\/forklog\\\"\" target=\\\"\u201c_blank\u201d\\\" rel=\\\"\u201cnofollow\u201d noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Amber Group terminated sponsorship agreement with Chelsea FC for \u00a320m ($25m) and announced a 40% staff cut.<\/p>\n","protected":false},"author":1,"featured_media":71257,"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":[2259,83,1236],"class_list":["post-71256","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-amber-group","tag-business","tag-ftx"],"aioseo_notices":[],"amp_enabled":true,"views":"31","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/71256","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=71256"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/71256\/revisions"}],"predecessor-version":[{"id":71258,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/71256\/revisions\/71258"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/71257"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=71256"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=71256"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=71256"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}