Crypto unicorn Amber Group is slashing costs and jobs across the board, halving its total staff size in Hong Kong to 40 by cutting support jobs including IT, risk management, audit and compliance, a source said, as the firm scrambles to survive a cryptocurrency market meltdown.

Over the past few months Amber, which started in Hong Kong and is backed by major investors including Sequoia Capital China and Temasek Holdings, has culled compliance from more than 20 people to fewer than 5 globally, according to a person familiar with the matter. The person, who asked not to be identified as they are not authorised to talk with the media, added that the firm has also made its entire internal audit team redundant.

The person said that Amber has also moved its Hong Kong office from the city’s Central business district to a cheaper office in Causeway Bay, and that it has delayed payment of bills to third-party vendors, including those owed to technology services, recruitment agencies and consultants, some of which are in arrears for up to six months.