Swyftx Pty Ltd, an Australian cryptocurrency exchange, laid off 90 employees, or 40% of its workforce, to prepare for a “worst-case scenario” in the market following the collapse of FTX.com, according to a company announcement on December 5. Swyftx co-founder and CEO Alex Harper stated in the announcement that the company had no direct exposure to the defunct Bahamas-based exchange but acknowledged that it was not immune to the widespread fallout from its bankruptcy. Swyftx had also grown too quickly, according to Harper, and the company expected global trading volumes to continue rising for another six months. Swyftx joins a growing list of cryptocurrency exchanges that have announced layoffs in recent weeks, including Singapore-based Bybit.
