Amber Group plans to spin off its profitable product AmberFin, and the mainland office is preparing to vacate the lease

ChainCatcher news, according to BlockBeats, following the completion of layoffs in September, Amber Group laid off about 80 more people in November. Some Amber employees, unable to receive severance pay as per the layoff agreement, are preparing to sue Amber. In response, Amber stated that the company is facing obstacles with its foreign exchange settlement quota at the end of the year and is actively raising funds by disposing of some old fixed assets and recovering office rental deposits.

Insiders indicate that Amber currently has about 800 employees left, and layoffs are still ongoing. The office locations in mainland China are preparing to terminate leases, and employees have been asked to work from home, with office access permissions revoked.

Additionally, insiders have revealed that Amber is separating its most profitable product, AmberFin, from the company, while another major product, WhaleFin, has been operating at a loss for a long time. Meanwhile, due to the impact of the FTX incident, Amber has a significant amount of funds trapped on the FTX platform, estimated to be over $60 million.

Furthermore, insiders mentioned that Amber had hoped to raise funds at a valuation of $10 billion in the second half of the year, but this was unsuccessful. An attempt to raise $100 million at a valuation of $3 billion also did not materialize. BlockBeats inquired about the company's operations, and Amber stated that everything is normal at the moment. (source link)