Cryptocurrency exchange CoinFLEX has decided to cut the size of its team by 50-60% amid a legal dispute with Roger Ver so that it could have "every chance to be a successful business."
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The exchange said in a blog post that the change will affect employees across all departments and geographies. Yet, it remains unclear how many employees lost their job.
"The majority of the team that remain are focused on product and technology, which remains the core of our business."
CoinFLEX added that with the move it wants to ensure it operates "as efficiently as possible" and can scale should volumes come back. The intention is to remain right-sized for any entity considering a potential acquisition of or partnership opportunity with CoinFLEX, the exchange added.
In June, CoinFLEX suspended the withdrawal of user funds due to "extreme market conditions" and "uncertainty of a counterparty." Subsequently, CoinFLEX CEO, Mark Lamb, said in a tweet post that Bitcoin.com founder, Roger Ver, owes the exchange $47 million.
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