Troubled cryptocurrency exchange CoinFLEX is undergoing massive layoffs.
“We, unfortunately, had to let go of a significant number of the CoinFLEX team across all departments and geographies,” announced company co-founders Sudhu Arumugam and Mark Lamb in a blog post this morning.
The staff reduction is sizable enough that in combination with non-staff cuts, it will reduce company costs “by approximately 50-60%,” the co-founders wrote. Remaining staff will be focused exclusively on product and technology.
The news comes after a debilitating month for the cryptocurrency exchange, which froze all customer withdrawals in late June. Unlike the slew of other cryptocurrency firms and exchanges that similarly froze customer accounts in the same period—due to questionable financial practices and the repercussions of the current bear market—CoinFLEX claims it is in dire straits due to an $84 million deficit owed to the company by a single “large individual customer.”
That customer, according...
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