Crypto.com labels mass layoff reports as ‘inaccurate’

SYDNEY: Cryptocurrency exchange Crypto.com has said that the report suggesting that it laid off over 2,000 of its employees was "incorrect", media reports say.

According to Tech in Asia, the cryptocurrency exchange has quashed the recent mass layoff reports and has called them "inaccurate".

"Any media reports of ongoing job reductions are inaccurate, as are additional estimates and rumours around the total number of reductions," a spokesperson was quoted as saying.

However, the company did not provide the exact number of employees affected.

The reported amount is significantly higher than the staff cuts earlier announced by the company's CEO, Kris Marszalek, the report said.

A spokesperson for Crypto.com told Ad Age that the company has made "targeted job reductions" since Marszalek's announcement.

About 60 per cent of the employees hit by the layoffs came from "non-corporate, back office, and support services", the representative said without revealing details.

The crypto exchange currently employs over 4,500 people, according to its LinkedIn page.

Meanwhile, Cypto.com also said Ad Ageas claims that the exchange has been dialing back its marketing efforts were inaccurate.

The report said the crypto firm would pull out of its sponsorship deal with Angel F.C., a Los Angeles-based football team.