Australian cryptocurrency exchange Swyftx has just announced the layoff of 90 more employees.
In the note shared by the company, its CEO Alex Harper has explained the company should "prepare for a worst-case scenario" in early 2023 and the "potential for more black swan-type events."
According to him, Swyftx is not directly related to FTX, but it is not immune to the consequences of the collapse of the exchange.
He has added:
"We know not everyone in the team will understand the sudden need for this, especially given November’s increase in trade volumes and this week’s unqualified financial audit, but our priority at this time is to emerge from the current market in a position of strength."
He has said the decision is difficult but necessary. The executive has stressed that the platform is "extremely cautious" about spending next year. The dismissed employees will receive severance pay and support from the company to find a new job.
