Following ongoing crypto winter, Australian crypto exchange Swyftx announced on Dec. 5 the sacking of 35% of staff as part of efforts in preparation for a full-fledged bear market.
The exchange, however, clarified that it had no connection with FTX but it is only preparing for a possible worst-case scenario, stressing that there is a high tendency of decline in global trading volumes next year
Harper stressed that the tough decision was crucial in order to weather the storm that may brew out of the prolonged crypto winter. The exchange stated that its balance sheet is much intact.
However, the exchange emphasized that customer funds are held 1:1 and they do not lend customer assets to any third parties. It was gathered that the firm’s research and development sections were the most hit in the 35% staff cut.
Vitalik Buterin Advice Investors
While the crypto market continues to battle the effects of FTX collapse coupled with other events that led to the prevailing crypto winter, investors seem to be having a bad time as one of them, CoinMamba shared his ugly experience on Twitter.
The statement attracted the attention of Ethereum Co-founder Vitalik Buterin, who advised investors to focus more on the tech and application ecosystem rather than trading or investing circles.
CoinMamba acknowledged the advice and appreciated Vitalik for his noteworthy advice, stressing all he said were what he was looking for.
It should be noted that the crypto industry has been befuddled with lots of negative events and scenarios in 2022. From scams/hacking to collapse of several projects, over $3B was lost to just crypto hacking as of Oct. 31, 2021.
Meanwhile, the collapse of projects like block, Celsius, FTX, Terra Luna, among others, have also aggravated and stifled the crypto space.
