China-Singapore Jingwei, January 16th, according to the "Wall Street Journal" Chinese website report, after the depreciation of many cryptocurrencies and the collapse of competitor FTX, the cryptocurrency exchange Crypto.com (hereinafter referred to as: Crypto) will cut five points globally. This is the company

's second round of layoffs in six months.

　　Crypto’s co-founder and CEO Kris Marszalek blamed the layoffs on “a confluence of negative economic developments,” the report said.

In July 2022, the exchange has already carried out layoffs.

Marszalek said in a blog post on Friday that further headcount cuts are necessary for Crypto to be successful long-term.

　　The report said Marszalek did not disclose how many employees would be laid off.

But hundreds of people discovered on Friday (Jan. 13) that they no longer had access to Crypto's systems and were being fired, according to people familiar with the matter.

　　The report mentioned that in mid-2022, Singapore-based Crypto stated that it will lay off 260 people, accounting for about 5% of the total number of employees.

Marszalek said in a blog post that the recent collapse of rival FTX has severely damaged trust in the industry.

(Sino-Singapore Jingwei APP)