CoinFLEX is a crypto exchange that is undergoing layoffs that are massive. Mark Lamb and Sudhu Arumugam announced that they had to let go of a large number of their team, across all departments. They revealed this through a blog post. The staff reduction is so sizable that when combined with cuts that are not related to staff significantly. It will reduce the costs of the company by around 50-60%.
The remainder of the staff will be focused both on the product as well as technology.
CoinFLEX Laying Off Staff
This news followed after a month that was debilitating for the crypto exchange. All withdrawals of customers were frozen by late June. CoinFLEX has also claimed that they are in dire straits due to a deficit of nearly $84 million that a customer owes them.
This customer, according to Mark Lamb, us Roger Ver. Ver is a prominent evangelist of Bitcoin. Earlier in July, CoinFLEX entered into arbitration with Roger Ver in a court in Hong Kong. This was in order to recoup their funds. However, a verdict is not expected for at least another eleven months. Ver, also known as ‘Bitcoin Jesus’, is an advocate of cryptocurrency for a Kong time. He also continues to deny the allegation that he owes the company money.
A majority of the deposits of customers at CoinFLEX continue to remain inaccessible. However, around 10% of the users of funds have been made available for those who want to withdraw.