Popular crypto exchange website Crypto.com has announced they are laying off more than 2,000 employees.

The number of employees laid off amounts to around 40% of the company’s entire staff, a significant warning sign that things are not so hot at Crypto.com.

In June, the company’s CEO announced the layoffs of 260 employees (around 5% of the workforce), but that didn’t do enough to stop the financial hemorrhaging, and more releases soon followed.

Crypto’s marketing division has taken the hardest hits, and the creative department was disbanded entirely a few months after it was launched.

A statement to FACTZ from a Crypto.com spokesperson explains that the layoffs are part of “a restructuring process” and will allow the company to “strengthen the position during the down cycle.”

We wouldn’t hold our breath for that upcycle any time soon.