FTX contagion continues as OSL and Amber exchanged join the layoffs

The number of layoffs in the crypto industry continues to rise as the FTX contagion continues to spread. People are leaving the crypto industry and the effect reduce the growth of the industry. In a week, the market start to recover from the fall caused by crypto exchange FTX, and every sector of the crypto industry is experiencing the recovery.

But, despite the recent increases, there is still no difference as some companies are still struggling with the FTX debacle. From which we see Genesis becoming the latest Crypto lender to file for bankruptcy a few days ago. However, it was a surprise again to hear that some crypto exchanges are still on the verge of bankruptcy.

source

Hong Kong-based OSL and Amber Crypto exchanges have announced plans to cut 33% of their workforce. You remember I said this a few days ago that Crypto companies are making people lose their jobs, in fact most of them are fired staff with compensation, which I think will affect the system in the future.

Any crypto exchange that gets laid off use current market conditions as an excuses, same goes for OSL and Amber exchanges as a reason reducing staffs.

OSL and Amber are both Hong Kong-based exchange and have headquartered in Singapore, the market hit the cryptocurrency exchange to such an extent that the Hong Kong office was closed, which is central to a local area to reduce operating costs. Amber Fired is a big surprise to everyone as in the last quarter of 2022, Amber still received more than $100,000 in funding from creditors to support the operation. In fact, Amber's total funding is $3 billion by 2022, making the Crypto company one of the leading players in the crypto industry.

There are lot of lessons in crypto industry which I don't know how to address the one going on right now. Layoffs is another lesson entirely for anyone that want to secure Crypto job. Securing Crypto job might be easy and get you a good money but did you have another plan if probably you lose your job. Working in crypto firms is a temporary working space, which means anything can come up and you lose your job. But for it not to hit you bad, you have to get another plan for your work.

The FTX saga is a major event that negatively affects the crypto industry and causes other crypto companies and investors to lose billions of dollars. I hope it doesn't continue so that many people who lose their jobs can get their jobs back.

Posted Using LeoFinance ^Beta