Cryptocurrency exchange Kraken announces a 15% layoff, affecting approximately 400 positions.

Kraken has laid off 15% of its workforce, affecting approximately 400 positions, during its restructuring process. Arjun Sethi will serve as co-CEO alongside Dave Ripley. In a blog post, Kraken emphasized the need for "organizational discipline," stating that it plans to streamline the management structure that expanded due to the company's revenue exceeding 1 billion USD. While specific affected positions were not disclosed, the company's statement and discussions online indicate that upper management and C-level positions have been hit the hardest by the layoffs. Kraken wrote in its blog, "Making organizational changes is never easy, and we understand the profound impact this has on people's lives. We sincerely thank those who have helped us get to where we are today and for their many contributions; we will provide support for them during this transition."