Sources: Cryptocurrency market maker GSR to lay off about 5% again

According to The Block citing sources, cryptocurrency market maker GSR has implemented further layoffs, affecting 5% to 10% of its employees. Two of the sources said the layoffs were closer to 5%, not 10%. Some employees have also resigned in recent weeks, citing lower bonuses in January, among other reasons, a source added. Departments affected by the latest layoffs include human resources, risk and management teams, the sources said. GSR's chief technology officer told employees last week that some engineering teams were overstaffed and could be restructured or cut, another source said. Foresight News previously reported that GSR announced in October 2022 that the company had cut jobs in the third quarter as part of a structural overhaul. The spokeswoman said the layoffs represented less than 10% of the total workforce.