Amber Group, one of Asia’s largest digital currency trading and lending platforms, has cancelled this year’s staff bonuses as the once-dominant industry darling struggles with the crypto downturn. In an internal memo obtained by Bloomberg News, the Singapore-based company informed employees this week that it is discontinuing performance-based bonuses for 2022 due to slower business growth and market uncertainties. Amber has implemented a number of cost-cutting measures, including layoffs and wage reductions, since June. Some of its executives have agreed to forego all or part of their pay until the market shows clear signs of recovery.
