Crypto.com will lay off 20% of its employees after the collapse of competitor FTX

Thanks to CTOnews.com netizen Jenny for the beautiful clue delivery! CTOnews.com, January 15 (Xinhua)-- Crypto.com, the cryptocurrency exchange, will lay off 20% of its workforce worldwide, the second round of layoffs in six months, after the devaluation of many cryptocurrencies and the collapse of competitor FTX, according to the Wall Street Journal.

Kris Marszalek, co-founder and CEO of ▲ Touyuan PexelsCrypto.com, said that further staff cuts are necessary in order for Crypto.com to achieve long-term success. Marszalek said the layoffs were due to "a series of negative factors of economic development".

However, Marszalek did not say how many employees would be laid off. Hundreds of people found on Friday local time that they no longer had access to Crypto.com 's system and were being fired, according to people familiar with the matter.

CTOnews.com learned that Crypto.com announced in July last year that it would cut 260 jobs, or about 5 per cent of its workforce. Marszalek points out that the collapse of rival FTX has seriously damaged trust in the industry.