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Australian Crypto Exchange Announces Massive Layoffs

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Alex Dovbnya

Swyftx has laid off more than a third of its staff, with the ongoing cryptocurrency winter getting more and more brutal

Australian cryptocurrency exchange Swyftx has laid off 35% of its staff (90 employees) as it struggles to navigate the brutal cryptocurrency winter, the Sydney Morning Herald reports.

Most of the employees who were fired were from the research and development department.

Swyftx suffered a 23% drop in profits due to rapidly falling crypto prices, according to its recent regulatory filing.

This is also the second round of layoffs for the Brisbane-based cryptocurrency trading platform in 2022. Earlier this year, it laid off 74 employees.

Of course, Swyftx is not alone. Last week, Melbourne-based crypto startup CoinJar also laid off 20% of its employees.

The entire cryptocurrency is reeling from the sudden collapse of the FTX empire, which some critics say could be the end of crypto. About 30,000 Australians were affected by the demise of the $32 billion giant. Although Swyftx had no direct exposure to the troubled FTX exchange, it was hit by a crisis of confidence caused by the company’s collapse.

Even before the FTX-induced crash, some key industry players such as Coinbase and Gemini announced mass layoffs. Kraken, Dapper Labs, Galaxy Digital and other prominent names were among those forced to cut staff amid the ongoing crypto winter.

However, Ripple and a few other companies remain seemingly unaffected by the crypto winter as they continue to hire.

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