DCG Subsidiary Luno Lays Off 35% of Employees (Report)

The London-based cryptocurrency platform – Luno – will reportedly trim the size of its team by over 330 people.

It adds its name to the growing list of industry players dismissing staff due to the bear market, including Coinbase, Crypto.com, Bybit, Huobi, Gemini, and more.

• According to CNBC coverage, Luno will reduce its headcount from 960 to around 630.

“2022 has been an incredibly tough year for the broader tech industry and, in particular, the crypto market. Luno, unfortunately, hasn’t been immune to this turbulence, which has affected our overall growth and revenue numbers,” a spokesperson of the trading venue stated.

• Several other cryptocurrency exchanges have already enforced redundancies. Coinbase dismissed 18% last year and additional 950 people earlier this month. Bybit (30%), Huobi (30%), BitMEX (30%), and Crypto.com are part of that club, too.
• Luno is under the umbrella of the distressed Digital Currency Group. While headquartered in London, it has offices across Europe, Africa, and South East Asia.
• DCG – one of the numerous cryptocurrency entities caught up in the FTX domino effect – has to cope with multiple issues.
• It dismissed 10% of its staff last year and closed its wealth-management division. One of its subsidiaries – Genesis – filed for bankruptcy protection, following which Gemini’s Co-Founder – Cameron Winklevoss – threatened to sue CEO Barry Silbert:

“Unless Barry and DCG come to their senses and make a fair offer to creditors, we will be filing a lawsuit against Barry and DCG imminently,” he stated.

• Winklevoss previously claimed that Digital Currency Group owes Genesis over $1.6 billion, accusing Silbert of causing that “mess.” He also urged the Board of DCG to remove him immediately.