Amber Group cuts Hong Kong workforce by 50% News ▸ Hong Kong · Singapore ▸ Bear Market
Amber Group cuts Hong Kong workforce by 50%
Amber Group has delayed payment of bills to third-party vendors, while some are owed in arrears for up to six months.
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Updated: Jan. 19, 2023 at 8:53 am UTC
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Singapore-based Amber Group halved its total staff size in Hong Kong to 40 as it struggles to survive the prolonged crypto winter, South China Morning Post (SCMP) reports.
Amber Group CEO Michael Wu had earlier disclosed that the FTX collapse affected the firm — resulting in the firm laying off roughly 63% of its workforce in 2022.
Staff cut to 40 members
The SCMP reported on Jan. 18 that Amber Group has moved to reduce its entire Hong Kong workforce to 40 staff by cutting support jobs including IT and risk management, SCMP reports.
Amber Group has also reduced its compliance staff from 20 people to only 5, making its internal auditing team redundant, according to the report.
It was also reported that the trading firm has delayed payment of bills to third-party vendors — some owed in arrears for up to six months.
Cutting costs
Earlier on Jan. 13, Amber Group reportedly said that it is “anticipating and preparing itself for an extremely conservative position, so it can go the long mile” — evidenced by slashing its workforce and canceling performance-based bonuses.
Amber Group was working out the legal proceedings needed to end its $25 million deal with Chelsea FC as a cost-cutting measure.
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Christian Nwobodo
Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. Christian is interested in DeFi protocol research, token economics, and on-chain analytics.
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Amber Group
Amber Group is a digital asset trading firm that provides liquidity across all major exchanges, applications, and networks with companies ranging from token issuers, banks, and fintech firms, to sports teams, game developers, brands, and creators.