Crypto.com Laid Off 260 Employees - Then Quietly Let Go of Hundreds More

In June, cryptocurrency exchange Crypto.com announced it was laying off around 260 employees, or 5 percent of its workforce, due to the widespread downturn in the crypto market. But layoffs did not end there. From a report: Sources in and outside the firm tell The Verge that the company has quietly let go of hundreds more employees since the initial layoffs. These new layoffs have not been publicized, and it's difficult to estimate their exact number. Crypto.com has been trying to limit knowledge of the extent of these departures even within the company, with CEO Kris Marszalek refusing to answer a question about the total figure in a recent employees-only town hall meeting. All this suggests that Crypto.com -- one of the most visible players in the crypto market, with a Super Bowl ad starring LeBron James and its own named stadium, formerly LA's Staples Center -- might be under greater financial stress than publicly known. "We were assured the layoffs would impact 5 percent, 260 employees only," one source with close knowledge of the situation told The Verge. "People in the company recently noticed many employees disappearing from our internal slack or scheduled meetings. Due to the lack of internal transparency, one can only estimate the extent of this layoff round: we increased our staff by ~50 percent since 2021, and almost all of them were hired to fuel growth. Now it seems these additional ~1,300 staff are viewed as costs to be reduced, in order to save the business," the source continued.

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