adds to layoffs makes further 28% staff cut

Image Source, which offers blockchain exploration, trading and cryptocurrency safekeeping, this week announced a 28% cut in its workforce, or about 110 employees, CoinDesk reported.

"The crypto ecosystem faces significant headwinds as its course corrects from the challenges of the past year," a company spokesperson told that news portal. "To better balance product offerings with demand, we have made the difficult decision to reduce operating costs and headcount to right-size the company."

This is the second cutback has undertaken in less than a year. The company laid off about 150 employees in June 2022 in response to financial losses related to the fallout from the collapse of Three Arrows Capital (3AC). The company was dealing with a USD$270 million shortfall due to loans made to the bankrupt cryptofund.

At the time, the firm also advanced that it was taking other measures, including the reduction of its executives' salaries and the cancellation of its Latin American expansion plans. closed its Argentina office in June.

The announcement comes after at least two other renowned companies in the industry also unveiled similar measures. Coinbase, the publicly traded cryptocurrency exchange, reported on Monday that it had opted to let go some 950 workers, which will cut its operating expenses by 25%.

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