Crypto.com Sheds 20% Of Its Workforce Amid 'Unforeseeable' Industry Events After FTX Collapse

Crypto exchange Crypto.com is cutting its global workforce by 20% as it navigates ongoing economic headwinds and "unforeseeable" industry events.
According to various social media profiles, Crypto.com has around 3500-4500 employees. This would make the current layoffs impact around 700-900 employees.
The announcement comes after Coinbase Global Inc COIN said it would cut about 950 jobs, or 20% of its workforce, as part of a restructuring plan.
Kris Marszalek, the firm's chief executive officer, said in a statement Friday that the "difficult" decision was made amid a focus on "prudent financial management" and "to position the company for long-term success."
Also read: Crypto.com Set To Delist Tether In This Country: What Customers Need To Do By Jan. 31.
"We grew ambitiously at the start of 2022, building on our incredible momentum and aligning with the trajectory of the broader industry. That trajectory changed rapidly with a confluence of negative economic developments," said Kris Marszalek.
"The reductions we made last July positioned us to weather the macroeconomic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry," Marszalek wrote.
Those reductions "did not account for the recent collapse of FTX, which significantly damaged trust in the industry," Marszalek added.