Crypto exchange Bithumb has reportedly axed 50% of its staff

Bithumb, one of Korea's largest cryptocurrency exchange by volume, announced that it plans to reduce its staff by up to 50%, from 310 to around 150, CoinDesk reports. This news comes after a string of layoffs by other cryptocurrency companies including Dash and ConsenSys.


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“Voluntary retirement is part of our support program for former employees and is intended to provide assistance and training for job placement,” a Bithumb official tells CoinDesk. “Apart from that, [Bithumb’s] trading volume has decreased compared to the previous year, [so] we are trying to provide internal measures. We will continue to add necessary personnel for various new businesses."

In October 2018, Bloomberg reported that the South Korean BK Global Consortium signed a deal to buy 50% plus one share of BTC Holding Co., Bithumb's largest investor. Prior to the deal, BK Global Consortium was the fifth-largest shareholder of BTC Holding Co. The deal follows the June 2018 hack of Bithumb in which hackers stole $31 million worth of cryptocurrencies from the exchange.

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Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi

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