Crypto firm Galaxy Digital intends to lay off around 20 percent of its global workforce.

The company’s shares were flat in early trade on Tuesday, November 1, and are down more than 70 percent this year.

Familiar sources said the job losses are yet to be confirmed, and the final figure might be less than 20 percent.

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Galaxy employed almost 375 employees at the end of June. 

A company spokesman said: “We are always considering optimal team structure and strategy and will share future plans when finalized.”

Next week, the company will announce its third-quarter earnings.

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The financial services company is also mired in a court case brought by crypto custody firm BitGo.

It is claimed that Galaxy violated a merger agreement by canceling a $1.2 billion plan to buy BitGo.

CEO Mike Novogratz was a passionate supporter of the terraUSD algorithmic stablecoin and its sister token luna.

Both sank to near zero in a $40 billion wipeout in May.

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The digital-asset market has been hit down by a steep drop in crypto values this year, as well as the demise of some once-flying businesses.

Over 1,800 job cuts have been disclosed by crypto-focused firms since early June.

It froze a quickly developing sector that attracted people from Wall Street and Silicon Valley.

Source: The Wall Street Journal

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