Swyftx Layoffs
December 2022
Swyftx announced a layoff affecting 90 employees (40% of its workforce) in December 2022. The company operates in the Crypto sector.
90
40%
Dec 5, 2022
About
Australian cryptocurrency exchange Swyftx is laying off 90 employees, representing 40% of its workforce, as a direct response to the severe market downturn following the collapse of FTX. Announced in a message to staff on Monday, CEO Alex Harper stated the cuts are a preemptive move to prepare for a potential prolonged crypto winter and further market shocks in 2023. Harper admitted the company had grown too rapidly, now having a team up to five times larger than its main domestic competitors. This is the second round of layoffs for Swyftx this year, following a reduction of 74 staff earlier, as the global crypto industry reels from the FTX fallout.
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