Crypto Trade Kraken Denies Rumors of Unexpected Employees Layoffs in Canada

Crypto trade Kraken, at present ranked 11th greatest globally by daily trade volumes, has denied rumors that it is laying off workers in its device in Halifax, Canada, Finance Magnates experiences September 6.

The denial will come soon after a submit to a local discussion thread on reddit alleged that Kraken’s “unit 102 at 60 Highfield park drive” experienced laid off “hundreds of people…after making them indication voluntary give up kinds,” additional boasting that a “giant commotion” had erupted in response to an alleged protection breach. After creating the declare, the redditor in dilemma questioned thread contributors, “was anyone in this article 1 of those individuals?”

Even with the tentative issue at the finish of the post, some of the specifics appeared to have been be reinforced by a individual thread contributor, who wrote:

“10 AM, required assembly. Stability everywhere, essential to hand in doorway fobs. Sitting down in lunchroom, get informed that because of to volumes becoming down (both investing and assistance ticket), and in gentle of the opening of a new business in Asia, we want to decrease expenditures, and layoff of not too long ago hired (<3 months, approx 57 people) was not enough.”

The contributor further alleged that meeting attendants had been told that if they would voluntarily resign before this coming “Friday at noon,” they would be given “8 weeks pay as a severance package,” but that if they would fail to do so, they could not be guaranteed further employment. “Sounds an awful lot like we just got laid off, right?,” the post’s author wrote.

Another contributor to the thread suggested that the security alert was due to the location being “compromised,” – i.e. a physical, rather than a network, breach.

Finance Magnates cites Kraken support team’s Twitter denial to a worried inquiry yesterday:

“We can confirm that we are not shutting down any operations in any specific place, and there has been no security breach. Everything is fine & secure. Thank you for your reaching out to us with your question!”

The denial was reaffirmed in a second Tweet from the Kraken support team hours later.

Yesterday’s rumors come roughly six months after a Business Insider report had claimed that a “person familiar with the [Kraken’s] operations” had said the company was “on the fast track to 1,000 employees and [was] prepared to add 800 people to its staff in 2018.”

Nonetheless, this April, Kraken pulled its trading services from Japanese residents, citing rising costs of business as the grounds for its decision.

Last month, data compiled by crypto industry newsletter producer Diar suggested that since the start of 2018, traded volumes on Kraken – alongside U.S.-based exchanges Coinbase and Bitstamp – have seen steep declines, in contrast to the relatively better performance on Asian-based crypto exchanges during the same time frame. Nonetheless, according to Diar, Kraken fared better than both its US competitors.


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