CoinFLEX lays off a huge chunk of its staff

Crypto exchange CoinFLEX has let go of a “significant” portion of its team.

The layoff is an attempt to cut operating costs as CoinFLEX seeks a full recovery since halting withdrawals last month.

To put itself in a position to succeed in its recovery plans, the firm said it had to let go of team members across all departments and geographies.

That cut cost base by 50-60%, according to CoinFLEX, and those that remain are focused on product and technology.

CoinFLEX halted withdrawals last month due to extreme market conditions and uncertainty with a counterparty.