One of Asia's Biggest Crypto Platforms Firing Staff to Cut Costs in Wake of FTX Scandal

The crypto industry is in turmoil amidst the collapse of FTX , soaring inflation and a generally negative economic outlook. Tokens lost $2 trillion in value, leaving companies struggling to survive.

Amber Group, one of Asia`s key crypto platforms, continues to cut cost by firing staff in the wake of turmoil in the industry caused by the bankruptcy of the FTX exchange, American media reported.

In September, Amber declared that it will cut around 10% of jobs due to increased volatility in the global economy. The company planned to stop cutting jobs in November, however an unexpected market slump warranted further cuts all around the globe.

Internet users have been speculating that Amber is on the verge of bankruptcy, but the company insists that it continues “business as usual.”

Amber was founded in 2018 by former Morgan Stanley traders. The trading volume of the platform exceeds $1 trillion with the number of institutional clients amounting to 1,000. Amber previously admitted that less than 10% of its trading capital was stuck in FTX, but senior executives of the company reassured that it doesn`t pose a threat to its core business.

The Crypto industry has been shaken by collapse of FTX, once the second-largest global cryptocurrency trading platform. However, media and investor suspicions that the company may be a financial bubble triggered a surge of withdrawals that reduced the company’s assets from billions to virtually zero.

Currently FTX owes $3.1 billion to 50 of its biggest customers. FTX had around 100,000 creditors, as well as assets and liabilities valued at about $50 billion each, before the crypto-empire filed for bankruptcy protection in the US on November 11.