Crypto.com CEO announces 20% staff cut, 'did not account' for FTX collapse

Crypto exchange Crypto.com's co-founder and CEO Kris Marszalek announced on Jan. 13 that the firm will need to reduce its global workforce by 20%, citing poor market conditions and "recent industry events."

As I shared with the team today, while we continue to perform well, market conditions and recent industry events have made this the right decision for the company at this time.

"Today we made the difficult decision to reduce our global workforce by approximately 20%," Kris Marszalek, co-founder and CEO of the crypto exchange said in a statement. 

"All impacted personnel have already been notified. These reductions were in no way related to performance, and we extend our deepest gratitude for all their contributions to Crypto.com."

Marzalek said several factors played into their decision decision, including "ongoing economic headwinds and unforeseeable industry events."

"We grew ambitiously at the start of 2022, building on our incredible momentum and aligning with the trajectory of the broader industry. That trajectory changed rapidly with a confluence of negative economic developments."

This is a developing story, and further information will be added as it becomes available.