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Cryptocurrency exchange Kraken is letting go of 57 employees in its North American service centers, or about 10% of the unit team, CEO Jesse Powell revealed via his Twitter profile. He also denied rumors circulating on Reddit, where some users said that Kraken was laying off employees in response to a security breach.

On Thursday, a Reddit user nicknamed throwaway34034324 wrote that the San Francisco-based operator was firing hundreds of employees at its Halifax unit in Canada. The person added there was quite the commotion on the premises, with private security personnel escorting workers after they “voluntarily” signed resignation forms.

A user writing as MysteriousPlankton and appearing to be a Kraken employee said that security was everywhere, adding:

“Sitting in lunchroom, get told that due to volumes being down (both trading and support ticket), and in light of the opening of a new office in Asia, we need to reduce costs, and layoff of recently hired (<3 months, approx 57 people) was not enough.”

MysteriousPlankton also said employees were told they’d receive an eight-week severance package if they resigned by Friday noon.

“If we do not accept in time, they tell us that they cannot guarantee our continued employment. Sounds an awful lot like we just got laid off, right?” he wrote.

Kraken soon reacted via Twitter, assuring the public there had been no security breach.

https://twitter.com/krakensupport/status/1037418609319075848

Powell said in an email to Bloomberg:

“The cost-saving measure will have zero impact on the quality of our service. Rumors of a security breach are entirely unfounded. No other teams are affected, and we are still aggressively hiring in all areas.”

According to Powell, the company would have more than 1,000 employees by the end of 2018.