On Monday, the Australian cryptocurrency exchange Swyftx said that it has terminated the employment of ninety people as a direct consequence of the collapse of the market. According to the co-founder, the FTX was not a problem with the industry as a whole but rather the product of poorly managed business operations and insufficient oversight.
According to Alex Harper, one of the exchange’s co-founders, Swyftx will continue to be a market leader in this sector by maintaining one of the biggest Crypto exchange teams and serving more than 630,000 users.
In light of the fact that they are laying off 35% of their workforce, Swyftx anticipates a lengthier path to recovery for the sector as a whole. In addition to that, Bybit said that they would be cutting thirty percent of their workforce.
The so-called “crypto winter,” which occurs when cryptocurrency values plummet and remain low for a lengthy period of time, has also had an effect on global cryptocurrency exchanges. In addition, as a consequence, there was an increase in the number of layoffs and freezes in key exchanges.
Compiled by Coinbold