‘Business as Usual,’ Says Amber Group, Despite Reported Layoffs and Founder’s Death

Crypto platform Amber Group is reportedly laying off more people in a move that mirrors continued staff cuts across the space as the bear market trudges on. 

The Singapore-based firm had cut between 5% and 10% of its headcount in 2022, Bloomberg reported in September. 

Now, the company has begun to lay off hundreds of people again this month, reporter Colin Wu tweeted late Monday, citing former employees. Wu added that Amber Group has asked Chinese employees to work from home and clear their offices.

Amber Group reports having more than 1,000 institutional clients and $5 billion in assets on its platform. The firm said in a tweet Tuesday that Amber Group and its WhaleFin app were “business as usual,” but alluded to some changes amid tough market conditions.  

“Weathering through market cycles, we have to constantly adjust and pivot our business strategies, product offerings, and, as a result, internal teams and functions,” Amber Group tweeted.

An Amber Group spokesperson did not immediately return a request for further comment.

Layoffs in the segment have persisted in the wake of crypto exchange FTX filing for bankruptcy last month. Bybit CEO Ben Zhou said in a series of Dec. 3 tweets that the company is set to downsize “across the board,” while Australian crypto exchange Swyftx revealed Monday that it cut 90 employees.

Amber Group said in a Nov. 9 tweet thread — as the extent of FTX’s insolvency emerged — that the company had no exposure to Alameda Research, a firm also founded by former FTX CEO Sam Bankman-Fried, or FTX’s native token, FTT. 

It did however note that it was an active trading participant on FTX and had withdrawals yet to be processed — accounting for less than 10% of Amber Group’s total trading capital. 

“It does not pose a threat to our business operations or liquidity,” the company tweeted at the time. 

The report comes after Amber Group co-founder Tiantian Kullander unexpectedly died in his sleep on Nov. 23, according to a company post. He was 30. 

Amber Group in February had raised an additional $200 million as part of an extended Series B round led by Singaporean state holding company Temasek. The fundraise gave the company a valuation of about $3 billion.

---

Get the news in your inbox. Explore Blockworks newsletters:

• Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
• Empire: Start your morning with the top news and analysis to inform your day in crypto.
• Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
• 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
• Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
• The Drop: For crypto collectors and traders, covering apps, games, memes and more.
• Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.