Crypto.com Has Let Go of Hundreds of Workers

More crypto companies appear to have laid off their staff members. The only difference between them and Gemini and Coinbase is that they apparently did it in secret. The layoffs occurred some time ago and never made it to the news prior to now. One would assume the companies in question likely sought to avoid publicity for the move given how much flack the previously mentioned enterprises have received for their actions. Among the firms to have let employees go is famed crypto exchange Crypto.com.

More Than 200 Crypto.com Employees Are Now Jobless

Crypto.com has allegedly let go of as many as 260 employees, roughly five percent of its workforce. It has also been reported that the layoffs didn’t stop there and that the firm has ultimately let go of hundreds more people. Due to the lack of attention on the subject, it’s difficult to know or guess just how many people likely have been released from their employment with the firm.

One anonymous individual who claims to be close to the action with Crypto.com and its firing processes explained in a recent interview:

People in the company recently noticed many employees disappearing from our internal slack or scheduled meetings. We were assured the layoffs would impact five percent, 260 employees only. Due to the lack of internal transparency, one can only estimate the extent of this layoff round. We increased our staff by [around] 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 to save the business.

In a recent Q&A, CEO of Crypto.com Kris Marszalek stated that as the firm is a private one, he is not required to follow the same protocols as public companies and display who was let go or how many people have lost their jobs. He stated:

I want you to understand that this is a private company, and we don’t have to follow the public U.S. company playbook… There doesn’t have to be an announcement, there doesn’t have to be a blog post. Of course, everybody’s always interested in the number. A number makes for a great headline. It’s a great thing to gossip about, but as co-owners of this company, you should ask yourself, ‘Is it in my interest for this number to be out there?’ I’ll leave it at that.

People Are Talking Online

Many former employees have taken to Glassdoor to express their disappointment with the company and describe the situation for readers. One review explains:

The company is hiding the fact that they’ve laid off more than 1,000 employees. They’ve removed the company directory so we can’t see the numbers go down. Management has been silent about the issue, and everyone is terrified that their job will be next.

Tags: coinbase, crypto.com, Layoffs