Last Updated on 19 mins by cryptoevent

The ongoing slump in the cryptocurrency market has hit many crypto firms, who are struggling to maintain liquidity as trading volumes dwindle. One of the companies that has been hit by the bear market is Crypto.com. It announced plans to lay off 5% of its workforce in June. However, recent reports indicated that the company continued to lay off employees.

Crypto.com continues to lay off employees amid bear market

A report by The Verge said that sources within the crypto exchange firm had revealed that the layoffs had continued in recent months. The company has laid off hundreds of employees since the initial 5% layoff.

The exchange has yet to publicly announce these new layoffs, and the number of employees who have left remains unclear. The exchange appears reluctant to give details of these new layoffs, as the exchange’s CEO Kris Marszalek declined to provide the actual numbers of the company’s current employees.

Reviews of the company on Glassdoor by employees who complained that layoffs came out of the blue and the company was unstable also corroborate the matter.

One of Glassdoor reviews said the company was hiding that it had laid off more than 1,000 employees. That review posted on July 10th that Crypto.com had removed its corporate directory to make it impossible to monitor the declining numbers. The employee also said the situation was demoralizing because everyone was afraid of losing their jobs.

Crypto.com hides details of laid-off employees

Crypto.com has denied reports that access to the BambooHR tool, used as an employee directory, has been changed. The exchange also shut down two Slack channels that contain all employees. In this way, employees cannot count all the workers who are still working in the company. Crypto.com’s head of corporate affairs, Victoria Davis, said the move was made for security reasons.

Crypto.com has continued to avoid disclosing the exact number of employees being laid off. In a Crypto.com town hall meeting on Aug. 10, Marszalek said the company had completed all layoffs. However, it was not required to disclose employee statistics as it was not a public company.

Davis has also said the company is continuing to reduce its workforce as announced in June. The exchange now had a clear perspective on the impact of the bear market and its workforce would be focused on meeting business goals.

Crypto.com isn’t the only one facing layoffs amid the ongoing bear market. In June, BlockFi announced it would lay off 20% of its employees, while Coinbase, one of the top exchanges supporting large- and small-cap cryptos, laid off 18%. Last month, OpenSea, the largest NFT marketplace, laid off 20% of its employees.

Before the bear market, Crypto.com was giving out a lot of advertising. The exchange had a Super Bowl ad featuring NBA star LeBron James. It also acquired naming rights for the LA Staples Center.

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The post Crypto.com Accused of “Hidden” Hundreds of Staff Layoffs first appeared on Business 2 Community.

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