“Weathering through market cycles, we have to constantly adjust and pivot our business strategies, product offerings, and, as a result, internal teams and functions,” Amber Group said in a statement.
Chinese-language social media posts have raised concerns that former employees have not received agreed-upon compensation following the layoffs. Employees also said they have had difficulties contacting senior management, including CEO Michael Wu. Amber Group did not respond to a request from The Block for comment.
To add to the confusion, staff based in China were also told not to come back to offices due to the coronavirus pandemic in an email on Dec. 5. One Twitter user asked the company's head of business development Annabelle Huang if their funds were safe."It is. We continue to operate business as usual. If you have any concerns, withdrawals are open as usual," sheValued at $3 billion in February during a $200 million raise, Amber Group failed to raise again at a higher valuation between $5 billion and $8 billion due to the market downturn.
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