Cryptocurrency platform Amber Group has just announced it has decided to cancel annual employee bonuses due to slow business growth and industry uncertainty.
The firm started to implement cost reduction measures in June, including streamlining staff and cutting management salaries.
The company CEO has said:
“Even before FTX collapsed, we were preparing for a potentially prolonged crypto fall.”
The company plans to cut staff to fewer than 400 employees from a peak of 1,100 at the beginning of the year.
It has also terminated its sponsorship contract with Chelsea Football Club.