Crypto.com Lays off More Workers amid the Crypto Market Crash

• The Verge cited unnamed “insiders” within the cryptocurrency exchange as saying that layoffs had persisted throughout the preceding months.
• Crypto.com’s Glassdoor reviews claimed it had secretly fired over a thousand people. 
• It’s not just Crypto.com that has had to reduce headcount as a result of the prolonged bear market.

The crypto lending exchange “Crypto.com” laid off more workers in the second round of layoffs, deemed harsher than the first, due to the poor economic climate and global crypto market slump. This came after the price of bitcoin fell to around $22,000 on Friday, its lowest level in more than three weeks, due to an unexpected crypto sell-off in early European trade.

Crypto.com Lays off More Workers

The Verge cited unnamed “insiders” within the cryptocurrency exchange as saying that layoffs had persisted throughout the preceding months. Since the first 5% layoff, the corporation has made hundreds of people redundant. There has been no public announcement of the layoffs from the exchange, and it is unknown how many workers have already resigned.

The exchange’s chief executive officer, Kris Marszalek, has declined to provide the exact number of the company’s present employees, suggesting that the exchange is unwilling to share any specifics about these fresh layoffs. Employee ratings on Glassdoor confirm the company’s instability and the randomness of layoffs.

Glassdoor Reviews

Crypto.com company’s Glassdoor reviews claimed it had secretly fired over a thousand people. According to a review published on July 10, it is impossible to track the falling numbers because Crypto.com has removed its company listing. Furthermore, the worker complained that morale was low since everyone worried about being laid off.

It should be noted that the most recent round of job cuts at the crypto lending exchange “Crypto.com” has not yet been made public. The call’s leaders stated that they had no intention of going public.

According to the Wednesday night report, insiders do not expect top management to announce because they previously stated that everyone’s job was safe and that there would be no more layoffs after June.

This time, the Singapore-based company reportedly removed employees from critical products such as the exchange, app, and wallet. A Crypto.com employee claimed on LinkedIn that the company was attempting to conceal the fact that it had fired over 1,000 employees while only publicly declaring 260. Since they removed the company directory, we can’t see a drop in numbers.

According to a June release from Crypto.com, approximately 260 people, or about 5% of the workforce, were laid off. So, he had previously stated that approximately 260 people, or 5% of our corporate staff, would be let go to ensure long-term, sustainable development.

Bottom Line

It’s not just Crypto.com that has had to reduce headcount due to the prolonged bear market. Coinbase, one of the top exchanges offering both large and low cap cryptocurrencies, laid off 18% of its staff in June, the same month that BlockFi said it would lay off 20% of its staff. The largest NFT marketplace, OpenSea, had to lay off 20% of its staff last month.

Before the market crash, Crypto.com spent a lot of money on marketing. This market featured NBA superstar LeBron James in a Super Bowl commercial. Also, it bought the rights to use the Staples Center name in Los Angeles.