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

by IANS |

New Delhi, Aug 18 (IANS) 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.

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.

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 per cent 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 per cent of our corporate workforce," he had announced.

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