Amber Group cuts Hong Kong workforce by 50%

Singapore-based Amber Group halved its full unit size successful Hong Kong to 40 arsenic it struggles to past the prolonged crypto winter, South China Morning Post (SCMP) reports.

Amber Group CEO Michael Wu had earlier disclosed that the FTX illness affected the steadfast — resulting successful the steadfast laying disconnected astir 63% of its workforce successful 2022.

Staff chopped to 40 members

The SCMP reported connected Jan. 18 that Amber Group has moved to trim its full Hong Kong workforce to 40 unit by cutting enactment jobs including IT and hazard management, SCMP reports.

Amber Group has besides reduced its compliance unit from 20 radical to lone 5, making its interior auditing squad redundant, according to the report.

It was besides reported that the trading steadfast has delayed outgo of bills to third-party vendors — immoderate owed successful arrears for up to six months.

Cutting costs

Earlier connected Jan. 13, Amber Group reportedly said that it is “anticipating and preparing itself for an highly blimpish position, truthful it tin spell the agelong mile” — evidenced by slashing its workforce and canceling performance-based bonuses.

Amber Group was moving retired the ineligible proceedings needed to extremity its $25 cardinal deal with Chelsea FC arsenic a cost-cutting measure.

The station Amber Group cuts Hong Kong workforce by 50% appeared archetypal connected CryptoSlate.