Since getting hacked in the middle of 2018, Bithumb, South Korea’s largest crypto asset exchange, has been struggling. The so-called crypto winter, which started to bare its fangs late last year, has only exacerbated the startup’s qualms.
Bithumb’s situation purportedly came to a head just recently, with CoinDesk reporting that the company has unveiled plans to cut upwards of half of its staffers. Citing an unnamed executive from the company, which has plans to go live on the New York Stock Exchange through a reverse merger, the 300-man headcount will be cut to 150. It was explained that as the platform’s trading volume has decreased, Bithumb is enlisted “internal measures” to mitigate further economic damage.