Aussie Crypto Exchange Dismisses Almost Half of its Staff

Aussie crypto platform Swyftx laid off 90 people to prepare for a potential market decline during H1, 2023. The Australian cryptocurrency platform Swyftx laid off 90 of its employees, representing around 40% of its total workforce.

The executive said Swyftx had no direct exposure to the bankrupt exchange FTX. Still, “we are not immune to the fallout it has caused in the crypto markets,” he added. Harper believes trimming a significant chunk of the workforce might be beneficial for the Aussie firm to weather future “black swan-type events.”. CEO Alex Harper assured the company is “well-positioned” to cope with the current turbulence caused by the FTX meltdown.