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"Brisbane crypto exchange Swyftx sacks one in five staff amid fears of a global recession"

2022-08-19 [vendor] Swyftx layoffs
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Incident Details

The Australian crypto exchange Swyftx laid off 21% of its workforce, affecting 74 employees. One such employee was on her honeymoon in Hawaii when she learned she was suddenly out of a job. The company blamed “an uncertain business environment, with levels of domestic inflation not seen in over two decades, rising interest rates, highly volatile markets across all asset classes, and the potential for a global recession” for the cuts.Swyftx had announced in June that it would be merging with trading platform Superhero in a $1.5 billion deal.

Technical Details

Vendor / Product
Swyftx layoffs

Timeline

  1. 2022-08-19 Breach occurred
  2. 2022-08-19 Publicly disclosed