Crypto Platform Luno Employee Layoffs, Around 330 Employees Affected By Dismissal

Crypto trading platform Luno cut employees. (Photo; Doc. Luno)

JAKARTA - London-based cryptocurrency platform Luno is reportedly going to cut its number of employees to more than 330 people. This adds Luno's name to the list of companies experiencing employee cuts in the crypto industry due to bearish markets, including Coinbase, Crypto.com, Bybit, Huobi, Gemini, and many more.

According to CNBC coverage, Luno will reduce the number of employees from 960 people to around 630 people. Luno acknowledged the difficulties that befell the company. This condition also affected Luno's income.

"The year 2022 has been a very difficult year for the broader technology industry and, in particular, the crypto market. Luno, unfortunately, is not immune to this turmoil, which has affected our overall growth and income figures," said a spokesman for Luno.

Apart from Luno, several other cryptocurrency exchanges have also taken steps to reduce staff. Coinbase, for example, laid off 18 percent of its employees last year and an additional 950 people earlier this month. Bybit (30 percent), Huobi (30 percent), BitMEX (30 percent), and Crypto.com are also part of the line-up of Digital Currency Group (DCG) companies.

Luno, who is under the DCG umbrella, is also experiencing difficulties. Despite having a head office in London, Luno has offices across Europe, Africa and Southeast Asia.

DCG, one of many cryptocurrency entities caught in the domino effect of FTX, also has to face many problems. The company dismissed 10 percent of its staff last year and shut down its wealth management division. One of its subsidiaries, Genesis, even filed for bankruptcy protection.

Gemini co-Founder Cameronultoss also threatened to sue CEO Barry Silbert. "Unless Barry and DCG are aware and give creditors a fair offer, we will file a lawsuit against Barry and DCG in the near future," he said.

Bangkaoss also claims that the Digital Currency Group (DCG) owes it to its subsidiary, Genesis, for more than $1.6 billion. He blamed DCG CEO Barry Silbert for causing the "disturbation" and urged the DCG Council to immediately dismiss Silbert.