Swyftx, an Australian cryptocurrency exchange, stated on Monday that it laid off 90 jobs as a result of the market collapse.The co-founder mentions that the FTX was not an industry flaw, but a result of poorly managed business practices and inadequate governance. Â
Alex Harper, Co-founder of the exchange highlighted that Swyftx will continue to lead the way in this space retaining one of the largest Crypto exchange teams with more than 630,000 customers.
Swyftx expects a longer road to recovery for the broader industry as they lay off 35% of their employees. Moreover, Bybit also announced 30% of job cuts among their employees.
Global crypto exchanges have also been impacted by the so-called “crypto winter,” in which prices collapse and stay low for an extended duration. Moreover, resulting in higher freezes and layoffs in major exchanges.
