Cuts 25% of Staff Amid Three Arrows Capital Contagion

The infectious downtrend forced to say ‘Goodbye, Argentina’.

  • has joined the list of crypto companies cutting staff.
  • The company had exposed over $270M to the now insolvent Three Arrows Capital (3AC).
  • The founders of Three Arrows Capital are being held by authorities in Dubai, UAE.

Popular American crypto exchange has decided to lay off 25% of its workforce, citing extreme market conditions. Representatives of the company also revealed a $270 million deficit caused by the Three Arrows Capital (3AC) incident.

Don’t Cry for, Argentina

Prior to this development, had been expanding, increasing its ranks from 150 employees to around 600 within the last year and a half. The Luxembourg-based crypto platform started its journey 10 years ago, when the firm, formerly known as ‘’, was founded in York, United Kingdom.


The tables have since turned, and the crypto trading platform has been forced to return to its January 2022 staff levels. Some areas of the company were more heavily affected than others, with the Argentinian branch being closed altogether. Nearly half of the affected employees were from Argentina itself, with the others coming mostly from the United States and the United Kingdom.

Ultimately, elected to exit the Argentinian market because of its relatively low demand, while’s services are much more sought after in Western Europe, The United States & Africa, according to company executives.

The management of revealed several other changes that would be carried out in relation to the reduction. The modifications include:

  • Suspension of institutional lending services.
  • Termination of all mergers and acquisitions.
  • Postponed launch of the NFT marketplace.
  • Reduction in CEO compensation.
  • Reduction in executive salaries. has seemingly adopted similar tactics to Coinbase, which also laid off a significant portion of its staff in the U.S. Moreover, other popular crypto exchanges, such as and Gemini, also reduced their headcounts by 10%.

Three Arrows Capital Founders Break the Silence

In related news, Three Arrows Capital founders Su Zhu and Kyle Davies broke their silence, expressing their regret about the “contagious” situation, according to Bloomberg. “The whole situation is regrettable”, lamented Kyle Davies, fully acknowledging the Domino effect that the demise of their company was having on the crypto market.

Su Zhu also touched on the sensitive subject of the luxury yacht, which was planned for delivered to Italy after the pair put down a $50 million down payment. “It was bought over a year ago and commissioned to be built and to be used in Europe” Su Zhu explained.

The far-reaching destruction caused by the collapse of Do Kwon’s Terra (LUNA) set Three Arrows Capital back an eye-watering $600 million. Su Zhu was contrite on the subject. He said: “What we failed to realize was that Luna was capable of falling to effective zero in a matter of days”. Finally, the Co-Founders expressed their regret at forming personal ties with Do Kwon, as they falsely came to believe that “big things” were about to happen as a result.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.