Swiss Crypto Exchange ShapeShift Fires 37 Employees, Reducing The Team By A Third

The Switzerland-based cryptocurrency exchange ShapeShift is in the latest crypto news. According to the exchange’s CEO Erik Voorhees and his recent tweet from January 8th, the layoff included 37 of its employees, reducing the size of the team by a third.

In the post, Voorhees attributes the staff cuts to the “latest bear market cycle” and notes that the company’s “greatest and worst financial decision [was] to embrace substantial exposure to crypto assets.”

In a blog post that accompanies the Twitter announcement titled “Overcoming ShapeShift’s Crypto Winter and the Path Ahead” – the exchange said that it is laying off 37 employees.

The CEO also revealed that during 2018, the company “got hit from four sides” such as “legal issues, people and structural issues” as well as problems with customers and financial issues.
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With this, Voorhes said that the “confluence of these issues combined with our own lack of product focus that resulted in today’s layoff.”

He also apologized to those affected by the major move, ending the post optimistically by stating:

“Among its many virtues, crypto assets enable people (and machines) to store value easily themselves and to transfer value directly to someone else, anywhere on Earth. This power is awesome and unprecedented.”

In September, the Wall Street Journal (WSJ) released results of an investigation that alleged that $88.6 million had been funneled through 46 crypto exchanges, $9 million of which transferred through ShapeShift. However, Voorhes later refuted the implied accusations and stated that the exchange’s team worked with WSJ journalists for five months but their information was reportedly misrepresented or omitted.