Homebusiness Newscompanies News

Crypto.com lays off more employees in 'worse' second job cut round

Crypto.com lays off more employees in 'worse' second job cut round

Crypto.com lays off more employees in 'worse' second job cut round
Read Time
2 Min(s) Read
Profile image

By IANS  Aug 18, 2022 6:48:11 PM IST (Published)

As the worldwide crypto meltdown deepens, Crypto.com has laid off more staff in the second round, and this time, the sacking of employees is worse than the previous job cut.

Crypto lending exchange Crypto.com has laid off more employees in the second round and this time, the firing of employees is worse than the previous job cut, as the global crypto meltdown gets deeper.

Recommended Articles

View All

According to a Decrypt report, citing sources, the latest round of job cuts has not been announced publicly.
During the call, "leadership expressed they had no intention of going public. Top management is unlikely to make an announcement as, after the June layoffs, they claimed that everyone's job was safe, and that no more layoffs will happen," the report said late on Wednesday, citing sources.
Also read:
According to the report, the Singapore-based company this time fired people "from critical products like exchange, app and wallet."
"The company is hiding the fact that they've laid off more than 1,000 employees even though they officially announced laying off 260," a Crypto.com employee had said on LinkedIn.
"They've removed the company directory so we can't see the numbers go down. It's not good for morale to see that 1/3 of the invitation list on your next meeting is disabled accounts," the employee had mentioned.
In June, Crypto.com announced it's laying off around 260 employees, or nearly 5 percent of its workforce.
Its CEO Kris Marszalek said the company's approach is to stay focused on executing against its roadmap and optimising for profitability.
"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 percent of our corporate workforce," he had announced.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!