Huobi to lay off over 300 employees amid its debacle with PI network: report
Huobi Global has yet to offer a statement over the claims, but there remains speculation that the exchange is still reeling from its sudden exit from China.
Huobi Global has yet to offer a statement over the claims, but there remains speculation that the exchange is still reeling from its sudden exit from China.
Koinly has pruned its staff strength by 14% ahead of the incoming tax season, forcing to layoff 16 full-time employees in a move that has left the remaining staff bewildered.
Swyftx, which has over 600,000 users, laid off 90 staff members in a restructuring process the founders say is geared towards surviving the FTX fallout.
Bybit CEO Ben Zhou announced on Twitter that the exchange would lay off workers across the board, blaming the “deepening bear market” for the exchange’s woes.
Sources at NYDIG say the firm, which aimed to introduce BTC to the banking system, burned through the $1b it raised amid leadership shuffles at the top.
The exchange’s strategy of splashing on ads and partnerships backfired as the bear market set in, and it has scaled them down and laid off over 2,000 employees.
2TM blames the dire global financial conditions and the lack of proper digital asset regulations for its underwhelming performance this year, which led the firm to give up some of its workers again.
The company cites the persisting price slump in the digital asset market with Rain's co-founder and CEO, noting that the volatility in the industry has resulted in "unfortunate changes."
CEO Vlad Tenev took the blame for the layoffs, saying the company projected the high interest in its platform during the pandemic, and meme stock craze would last.
The cuts will reduce overheads by up to 60%, CoinFLEX says, further hinting at acquisition possibility even as its $84 million dispute with Roger Ver continues.
A source with insider knowledge told TechCrunch that the exchange plans to cut down from 950 employees to 800 in a move aimed at “extreme cost-cutting.”
Devin Finzer attributed the decision to the "crypto winter and broad macroeconomic instability," stating that they need to prepare the NFT company "for the possibility of a prolonged downturn."