Hi HODLers,
Here I go again, criticizing Crypto.com despite having an account with them (mostly for the offramp crypto debit card). I am not using it as much as I lost any kind of trust after they once again unilateraly changed the cashback and other perks.
I believe most of the users were on Crypto.com for the card. Their blockchain is having trouble to attract developers and users while their exchange clearly lacks behind Binance, FTX or Kraken.
As any exchange, Crypto.com has been under pressure lately. They are currently ranked #6 in volumes which is quite good!
In June 2022, Crypto.com announced it was laying off 260 employees (5% of its workforce at the time). Linke here
I have read that layoffs were happening daily after that as many workers in slack or teams group were disapearing.
Even Crypto.com employees have been trying to ask the extent of the ongoing layoffs with not a lot of success.
Crypto.com has been trying to limit knowledge of the extent of these departures even within the company, with CEO Kris Marszalek refusing to answer a question about the total figure in a recent employees-only town hall meeting.
It seems numbers are closer to 25/30% of the entire workforce.
“The company is hiding the fact that they’ve laid off more than 1,000 employees,” says one review, dated July 10th.
Source
What bothers me again is the opacity from this company, not being truthful to the market, their users but not even towards their own employees!
After their $MCO rugpull, their $CRO and Debit card rugpull, now this!?
Well, let's say that I keep my USD balance at a minimum so in case something bad happens, I am ready for it.
Once again, I warn you about Crypto.com. Do not put you life savings there!
Stay safe out there,
Source:
- Crypto.com laid off 260 employees — then quietly let go of hundreds more, The Verge
- Second Layoff Round at Crypto.com Worse than June Cuts, Decrypt