Amber Group Slashing Costs and Jobs across the Board

Crypto unicorn Amber Group is slashing costs and jobs across the board, halving its total staff size in Hong Kong to 40 by cutting support jobs including IT, risk management, audit and compliance, according to South China Morning Post.

Over the past few months Amber has culled compliance from more than 20 people to fewer than 5 globally, according to a person familiar with the matter. The firm has also made its entire internal audit team redundant.

Amber said that it is “anticipating and preparing itself for an extremely conservative position, so that it can go the long mile.” It added that the firm’s Hong Kong office had “more than 100 employees in headcount” and that it was “business as usual”.