The crypto market has been hit hard by plummeting valuations and trading volume. | Image: Alex Castro / The Verge

In June, cryptocurrency exchange announced it was laying off around 260 employees, or 5 percent of its workforce, due to the widespread downturn in the crypto market. But layoffs did not end there.

Sources in and outside the firm tell The Verge that the company has quietly let go of hundreds more employees since the initial layoffs. These new layoffs have not been publicized, and it’s difficult to estimate their exact number. has been trying to limit knowledge of the extent of these departures even within the company, with CEO Kris Marszalek refusing to answer a question about the total figure in a recent employees-only town hall meeting.

All this suggests that — one of the most visible players in the…

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