Amber Group Dumps Chelsea Sponsorship & 40% Of Its Staff
In today's edition of YIYL, continue to follow the ripple effects of this deleveraging with Singapore-based cryptocurrency trading firm Amber Group. During the bull market, crypto firms were punting marketing and soccer, being the whore that it is opening up its arse to paste anything across their jerseys, stadium, and players' faces.
We've seen crypto.com, sportsbet.io, and stake.com take out massive sponsorship deals but they weren't the only ones doing deals to buy the attention of brainless soccer fans. Amber Group recently secured a deal with Chelsea FC in the English Premier League. Under the sponsorship, Chelsea would show the logo of Amber’s WhaleFin trading platform on team shirts for the duration of the current 2022/2023 season.
The deal was meant to be a $20 million-a-year deal but 1 year in it looks like the deal is done.
What a difference a bear market makes
Reports are now coming to light that Amber are terminating a $25 million sponsorship deal with football club Chelsea FC, with a Bloomberg report, cited as the source and plenty of other media publications backing it up
Amber Group, a shitcoin trading firm that is backed by Temasek and Sequoia Capital, clearly made some shitty bets and is looking to slim down, so where do you start?
You cut your marketing and you cut your staff, which they have done as Amber is also laying off around 300 staff to slash its workforce to less than 400.
At its peak, it employed more than 1,100 people and while still a sizable operation of 600 people, this may not be the end of the slim fast program.
Plans to raise on hold
Amber has a pretty similar set up to FTX with Amber being the trading firm and WhaleFin being their exchange or customer-facing trading service. Amber planned to raise just half of a planned $100 million round and halted its expansion plans, according to reports by the Financial times, but claim they are still on course to remain solvent.
On-chain analysts have suggested that Amber Group may follow in the footsteps of Alameda Research, with every crypto sleuth looking at the chain and some claiming that Amber Group has just $9.46 million in assets.
Annabelle Huang, the managing partner at Amber Group, denied those claims by saying on Twitter that the business continues to
"operate business as usual," and "withdrawals are open as usual."
This is not the only loss the company has had to deal with this year as the co-founder of Hong Kong-based digital asset company Amber Group, Tiantian Kullander suddenly died at the age of 30 while sleeping in November.
Its always PR before the plunge
Now we've heard this bullshit about balance sheets being strong, but we see no talk of proof of reserves, while I do think POR's are bullshit because you're only getting half of the story, since you don't know the claims to that assets, it's still a start.
Some people will say I am FUD'ing the company, but here is my response to that, if my FUD drives people to withdraw their funds and the company is solvent, no one loses anything if the FUD, drives customers to pull funds and the company goes out of business, then it was already insolvent and my speaking about it can't change that fact.
Sources:
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, "I am a Jessie."
Let's connect
If you liked this post, sprinkle it with an upvote or esteem and if you don't already, consider following me @chekohler and subscribe to my fanbase
| Earn Free bitcoin & shop | Earn Free Bitcoin & shop | Claim Free Bitcoin & Shop |
|---|---|---|
 |  |  |
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, "I am a Jessie."
Let's connect
If you liked this post, sprinkle it with an upvote or esteem and if you don't already, consider following me @chekohler and subscribe to my fanbase
| Earn Free bitcoin & shop | Earn Free Bitcoin & shop | Claim Free Bitcoin & Shop |
|---|---|---|
| | |
Posted Using LeoFinance Beta
I can't look away, It's like watching a series of highway crashes as cars rear end each other one at a time.
Posted Using LeoFinance Beta
lol its crazy every day I login and check the news its like another drunk driver driving the bus full of customers off the cliff, I see SBF got arrested today and BNB is tanking on the back of money laundering charges