Multiple sources at Crypto.com tell Decrypt that recent layoffs, beyond those announced in June, have been kept quiet but are “much bigger.”

cutbacks, workers, cuts, crypto.com, crypto winter, breaking push, layoffs

In June, Singapore-based crypto exchange Crypto.com laid off 260 employees, or 5% of its workforce, citing the crypto bear market. Remaining employees were reportedly told at the time that those cuts were the end of the bloodletting.

“They lied,” a source inside Crypto.com now tells Decrypt. On a quarterly “all hands” call last Friday, the company informed employees of additional layoffs. 

The source, a Crypto.com employee in a managerial role whose identity has been confirmed by Decrypt, spoke under condition of anonymity. Decrypt confirmed the layoffs with two other current employee sources.

The latest round of cuts has not been announced publicly. During the call, “leadership expressed they had no intention of going public,” the source says. “Top management is unlikely to do an announcement as, after the June layoffs, they claimed that everyone's job was safe, and that no more layoffs will happen.”

Due to the company's internal privacy practices, the employee could not provide the number of layoffs over the past month, nor the percentage of remaining employees affected. But the source says the size of this round of cuts “is much bigger than the first one.”

According to the source, a number of factors are at play as cuts continue. The June layoffs targeted “elastic” staff like customer service and growth roles—employees less in demand as customer numbers and trading volume on the platform fell. This round, the source said, affected people “from critical products like exchange, app and wallet.”

The move looks a lot like what happened at rival crypto exchange Gemini, which also enacted a second set of layoffs in mid-July, after making headlines for announcing cutbacks on June 2.

A Crypto.com spokesperson did not confirm details, nor the number of layoffs beyond those announced in June, but provided a comment from CEO Kris Marszalek.

“We announced reductions in June, and since that time we have optimized our workforce to align with current external economic headwinds,” Marszalek said. “We have a strong balance sheet and will continue to invest in product, engineering, and brand partnerships moving forward.”

In announcing its June cuts, Crypto.com had described its staff as “need-based” and said hiring would resume when conditions improved. Just yesterday, Crypto.com announced that it will be the first cryptocurrency exchange operating under Canada's new regulatory scheme.

Even so, cost cutting is becoming a top priority at Crypto.com.

“The business is cutting down to bare minimum to survive the likely long bear market—internal initiatives are about trying to save every penny,” the source said. 

Prior to the cuts, about 45% of the entire Crypto.com employee base was hired between 2021 and 2022, the source said. “The massive hiring was intended for growth, and the majority of these—about 1,300 staff—are not needed anymore in the current context.”

Decrypt reviewed a dozen layoff posts from former Crypto.com employees posted publicly to LinkedIn in just the last week. Many used the same framing, citing “current market conditions” and describing their terminations as part of the June cuts.

Now similar posts are emerging on employer rating site Glassdoor, and appear to be more recent.

“The company is hiding the fact that they’ve laid off more than 1,000 employees even though they officially announced laying off 260,” wrote a self-described current Crypto.com employee on July 10. “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.”

Stay on top of crypto news, get daily updates in your inbox.

TECH NEWS RELATED

Ransomware data theft tool may show a shift in extortion tactics

Data exfiltration malware known as Exmatter and previously linked with the BlackMatter ransomware group is now being upgraded with data corruption functionality that may indicate a new tactic that ransomware affiliates might switch to in the future. The new sample was spotted by malware analysts with the Cyderes Special ...

View more: Ransomware data theft tool may show a shift in extortion tactics

Are you excited for Google’s Pixel 7 event?

Let us know in the comments below

View more: Are you excited for Google’s Pixel 7 event?

Why can’t I change my clothes in Splatoon 3? Answered

Image via Nintendo In Splatoon 3, being able to change your outfit is the most important aspect of the game. Not only do you want to be the coolest Inkling or Octoling out there, but your clothes serve an important purpose in battle. Each piece of clothing has abilities ...

View more: Why can’t I change my clothes in Splatoon 3? Answered

This Week on Crypto Twitter: Outrage as SEC Claims All Ethereum Transactions Happen in USA

As ETH dropped and the SEC loomed, the NFT community celebrated the first International NFT Day on Tuesday.

View more: This Week on Crypto Twitter: Outrage as SEC Claims All Ethereum Transactions Happen in USA

How to inspect weapons in Call of Duty: Modern Warfare 2

Image via Activision Call of Duty: Modern Warfare 2 is nearing its worldwide launch, and it is bringing some amazing new features with it. One of the returning features in Call of Duty: Modern Warfare 2 is the revamped Gunsmith. With the help of Gunsmith, you can change your ...

View more: How to inspect weapons in Call of Duty: Modern Warfare 2

Report: Apple Pay Later Likely Delayed Until Spring 2023 With iOS 16.4

Apple Pay Later, a new service from Apple that will let qualifying U.S. customers split a purchase into four equal payments over six weeks, is reportedly being delayed until 2023 due to technical engineering challenges. Announced at WWDC in June, Apple has said that ‌Apple Pay‌ Later will be “coming ...

View more: Report: Apple Pay Later Likely Delayed Until Spring 2023 With iOS 16.4

Pi Pico W Does PCMCIA, Gets This IBM PC110 Online

Bringing modern connectivity to retro computers is an endearing field- with the simplicity of last-century hardware and software being a double-edged sword, often, you bring a powerful and tiny computer of modern age to help its great-grandparent interface with networks of today. [yyzkevin] shows us a PCMCIA WiFi card ...

View more: Pi Pico W Does PCMCIA, Gets This IBM PC110 Online

New hacking group ‘Metador’ lurking in ISP networks for months

A previously unknown threat actor that researchers have named ‘Metador’ has been breaching telecommunications, internet services providers (ISPs), and universities for about two years. Metador targets organizations in the Middle East and Africa and their purpose appears to be long-term persistence for espionage. The group uses two Windows-based malware ...

View more: New hacking group ‘Metador’ lurking in ISP networks for months

iPhone 15 'Ultra' Could Replace Pro Max Model Next Year

Bitcoin Miner Iris Energy to Sell $100 Million in Equity to B. Riley

Gurman: New iPads and Macs Could Be Announced Through a Press Release, No October Event

Save nearly $400 off this refurbished iPad Air this month

California State Kills Main Crypto Bill, Why?

There’s a hidden folder in Google Photos you likely don’t know about

How to Improve Facial Recognition in Windows 10/11

Modern Warfare 2 beta tops Steam charts despite not being out yet

Bose QuietComfort Earbuds 2 vs. Sony WF-1000XM4: Which are the better noise-cancelling earbuds?

Xiaomi Civi 2 set to launch on 27 Sep 2022, dual 32MP front cameras confirmed

Judgment PC mod restores ‘disgraced’ original Hamura actor

Who are the voice actors in Omega Strikers? Omega Strikers voice cast

OTHER TECH NEWS

Top Car News Car News