One of the hardest decisions we've made to date is today. In order to adapt to current market conditions, we're reducing our global workforce by over a thousand people. We will do our best to help those who have been impacted by today's announcement transition to their next opportunity. As of this morning, all affected Krakenites have been notified. Over the last few years, hundreds of millions of new users entered the space and millions of new clients put their trust in the company. We had to grow fast in order to meet the expectations of our clients. Our team size is back to where it was last year. Financial markets have been affected by macroeconomic and political factors. The lower trading volumes resulted in fewer clients signing up. We slowed hiring and avoided big marketing commitments. Negative influences on the financial markets have made it difficult for us to bring costs in line with demand. Our strategy has always included thoughtful cost management and we have been able to navigate many market cycles. We will be able to continue to build world-class products and services in areas that add the most value for our clients as a result of these changes.
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