{"id":71504,"date":"2022-12-15T13:44:17","date_gmt":"2022-12-15T11:44:17","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=71504"},"modified":"2025-09-08T09:16:16","modified_gmt":"2025-09-08T06:16:16","slug":"amber-group-cancels-annual-bonuses-and-cuts-management-salaries","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/amber-group-cancels-annual-bonuses-and-cuts-management-salaries\/","title":{"rendered":"Amber Group cancels annual bonuses and cuts management salaries"},"content":{"rendered":"<p>The cryptocurrency platform Amber Group canceled annual bonuses for employees due to slow business growth and industry uncertainty, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-15\/crypto-lender-amber-scraps-bonuses-cuts-jobs-as-ftx-collapse-turmoil-continues?leadSource=uverify%20wallhttps:\/\/www.mozilla.org\/ru\/firefox\/108.0\/whatsnew\/&#038;sref=AACmJ2tc\">Bloomberg<\/a> reports.<\/p>\n<p>The company began taking cost-cutting measures since June, including workforce optimization and lowering management salaries, CEO Michael Wu confirmed.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Even before the FTX collapse, we were preparing for a potentially prolonged crypto-winter,&#8221; he said.<\/p>\n<\/blockquote>\n<p>According to Bloomberg, the Singapore-based firm plans to cut staff to fewer than 400 workers from a peak of 1,100 at the start of the year.<\/p>\n<p>Amber <a href=\"https:\/\/forklog.com\/en\/news\/amber-group-trims-staff-and-operating-costs-amid-crypto-winter\">terminated<\/a> the sponsorship <a href=\"https:\/\/forklog.com\/en\/news\/amber-groups-whalefin-to-sponsor-chelsea-fc\">contract with Chelsea Football Club<\/a> and <a href=\"https:\/\/forklog.com\/en\/news\/bloomberg-reports-amber-group-plans-to-raise-funding-at-a-10-billion-valuation\">suspended<\/a> a financing round of $100 million.<\/p>\n<p>The company previously stated that less than 10% of its working capital was frozen <a href=\"https:\/\/forklog.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">the FTX collapse<\/a>. Management assured that this does not affect the platform&#8217;s operations.<\/p>\n<p>The Singapore-based crypto-trading company Paradigm Connect Asia, also headquartered in Singapore, said it would cut employees&#8217; salaries by 15%. The firm described this as an alternative to layoffs and linked it directly to the collapse of Sam Bankman-Fried&#8217;s business empire <a href=\"https:\/\/forklog.com\/en\/news\/who-is-sam-bankman-fried\">Sam Bankman-Fried<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">1\/ We made the difficult decision to cut salaries across the board by 15% this week \ud83d\ude22<\/p>\n<p>Post FTX\u2019s collapse, it is clear the contagion is deep and wide and like many of our clients and peers, we are not immune<\/p>\n<p>\u2014 Paradigm (@tradeparadigm) <a href=\"https:\/\/twitter.com\/tradeparadigm\/status\/1603111504869752832?ref_src=twsrc%5Etfw\">December 14, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;After the FTX collapse, it is clear that contagion is deep and wide, and like many of our clients and peers, we are not insulated,&#8221; the statement said.<\/p>\n<\/blockquote>\n<p>The company says the move will help mobilize financial resources and weather turbulent times for the industry.<\/p>\n<p>Earlier in November, Singapore&#8217;s Parliament held hearings on the potential impact of the FTX collapse on the economy.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news in our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency platform Amber Group canceled annual bonuses for employees due to slow business growth and industry uncertainty, Bloomberg reports.<\/p>\n","protected":false},"author":1,"featured_media":71505,"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],"class_list":["post-71504","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-amber-group","tag-business"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/71504","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=71504"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/71504\/revisions"}],"predecessor-version":[{"id":71506,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/71504\/revisions\/71506"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/71505"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=71504"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=71504"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=71504"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}