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Crypto Exchange Kraken Is Laying Off 57 Employees

  • CEO says 57 client services group members are being laid off
  • Company still expects to have over 1,000 employess by year-end
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Bitcoin Tumbles as Cryptocurrencies Near Nine-Month Low

Kraken, one of the largest cryptocurrency exchanges, is laying off 57 North America-based employees, according to Chief Executive Officer Jesse Powell.

The move represents roughly 10 percent of San Francisco-based Kraken’s client services team, Powell said in an emailed response to questions after speculation surfaced on social media platform Reddit that Kraken employees were laid off because of a security breach. The thread also mentioned the exchange was reducing staff after trading volumes had dropped.