Crypto Winter Hits Amber Group

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Singapore-headquartered Amber Group is the latest crypto firm to suffer market malaise with canceled bonuses, pay cuts and major job cuts.

Amber Group is waiving staff bonuses for 2022 and cutting executive pay, according to a Bloomberg report citing chief executive Michael Wu.

Even before the collapse of FTX, we were preparing for a potentially prolonged crypto winter, Wu said, confirming the removed bonuses for this year.

In addition, Amber will also make significant reductions in its workforce, falling from its peak of around 1,100 earlier this year to less than 400.

Tiantian Kullander

In late November, Amber’s co-founder and Hong Kong-based entrepreneur Tiantian Kullander died unexpectedly in his sleep at the age of 30. At one point, Kullander had an estimated net worth of $3 billion.

Separately, the company also suspended a $100 million funding round and most recently purchased Sparrow Holdings, a crypto company with a payment institution license from the Monetary Authority of Singapore.

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