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.

“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.

About Author

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

More by Steven Zheng