Crypto.com Lays off more than 2000 employees

According to reports from within the organisation, global cryptocurrency exchange Crypto.com had cut over 2,000 of its employees. That amounts to about 40% of the total workforce of Crypto.com. If the reports turn out to be accurate, this is nothing short of full scale implosion.

As reported by AdAge, Crypto.com cut down on its pre-summer workforce by up to 40% between June and August. Furhtermore, AdAge reports add that, while there is not exact number on how many employees have been laid off, it’s believed to have been “the vast majority”.

A Crypto.com spokesperson has told Tech in Asia that “any media reports of ongoing job reductions are inaccurate, as are additional estimates and rumours around the total number of reductions.” However Crypto.com has failed to provide what the actual number might be but they did admit that they made “targeted job reductions”

“As part of that restructuring, we made the difficult decision to conduct targeted job reductions, 60% of those roles came from non-corporate, back office and support services tied to trade volumes.” — Crypto.com Spokesperson

Crypto.com’s CEO Kris Marszalek announced that only around 260 of Crypto.com’s workers had been made redundant, which is a significantly different number than the one reported by insiders, according to AdAge.

The Verge had also previously reported that Crypto.com laid off 260 employees publicly, only to fire hundreds more silently. The total number reported by The Verge in August of 2022 was around 1000. The Verge also mentioned that the company had a lack of internal transparency that made it difficult to fact check any of the reports or public satements made by them.

What Went Wrong?

The entire situation with Crypto.com comes as somewhat of a surprise considering just how liberal Crypto.com have been with their marketing and PR budget. From the outside, one could be excused for thinking that Crypto.com is doing rather well and expanding internationally with great success. How else could they avoid the following:

• Paying for A-list actor Matt Damon to be part of an ad campaign
• Sponsoring NBA and Formula One
• $700 million deal with…