Although the exact number of people affected is unknown, the Singapore-based Amber Group is said to have let go “hundreds” of workers and more than 50% of certain of its teams.
Wu stated that in September, the Amber Group had already reduced between 30% and 40% of its workforce.
The company is said to have been looking for capital in May at a valuation of $10 billion US. The company most recently secured $200 million in February of this year in a capital round headed by Temasek, with participation from Sequoia China and Tiger Global Management.
Tiantian Kullander, Wayne Huo, Tony He, and Michael Wu, all former traders at Morgan Stanley, along with Thomas Zhu, a developer at Bloomberg, created the Amber Group in 2015 to assist businesses in trading and managing digital assets.
Kullander’s untimely death at the age of 30 was announced last week.
The layoffs coincide with a crisis in the tech sector. Bybit, a cryptocurrency trading platform, fired 30% of its workforce, Carousell fired 10% of its workforce, and Shopee fired its third batch of employees this year in mid-November.