Last year, rising interest rates and worries of an economic downturn wiped out more than a trillion dollars from the crypto sector.
The company said it expects to incur about $149 million to $163 million in restructuring expenses. Its shares reverse coursed to fall 2.3% premarket after rising more than 5% on the layoffs announcement earlier.
However, the bigger blow came after larger crypto exchange FTX filed for bankruptcy protection in November. Its swift fall has sparked tough regulatory scrutiny of how major exchanges hold user funds. The crypto world's woes have continued this year, marked by plunging deposits, layoffs and multiple legal hurdles.
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