Other

"‘Worst-case scenario’: Local crypto exchange Swyftx lays off 40% of staff"

2022-12-05 [vendor] Swyftx layoffs
Primary Source ↗
Affected 90 individuals/accounts

Incident Details

Following a round of layoffs in August that cut 21% of their workforce, Australian cryptocurrency exchange Swyftx has just performed another round of layoffs less than four months later. This time they’re cutting 40% of their staff, around 90 people.Swyftx’s CEO admitted the company had grown too fast. He attributed the decision to the continued downturn in the crypto market and shaken trust as a result of FTX, though Swyftx says they had no direct exposure to the bankrupt crypto exchange.

Technical Details

Vendor / Product
Swyftx layoffs

Timeline

  1. 2022-12-05 Breach occurred
  2. 2022-12-05 Publicly disclosed