Amber Group plans to separate the profitable product AmberFin, and the mainland office is ready to withdraw

According to BlockBeats, following the completion of layoffs in September, Amber Group laid off about 80 people again in November. Some Amber employees have prepared materials to sue Amber because they cannot obtain layoff compensation in the compensation agreement. Amber's internal response stated that Amber's foreign exchange settlement quota at the end of the year encountered a problem of stagnation, and the company is actively raising funds, and actively recovering office lease deposits by disposing of some waste fixed assets and equipment. According to people familiar with the matter, there are currently only about 800 people left in Amber, and the layoffs are still continuing. Office locations in mainland China are ready to withdraw their leases, employees have been asked to work from home, and office access control has been cancelled. Another person familiar with the matter said that Amber is separating AmberFin, the most profitable internal product, from Amber, while another major product, WhaleFin, has been in a loss-making state for a long time. At the same time, due to the impact of the FTX incident, Amber has a large amount of funds that cannot be withdrawn from the FTX platform, and the size of the funds is about 60 million US dollars or more. Another person familiar with the matter said that Amber had hoped to raise funds at a valuation of US$10 billion in the second half of the year, but it was unsuccessful. Attempts to raise $100 million at a $3 billion valuation never came to fruition. BlockBeats asked Amber about the company's operations, and Amber said that everything is normal.