Encryption firm Crypto International to cut most of its Swiss staff
Crypto International AG acquired the rights to the scandal-tainted Crypto AG company in 2018.
Keystone / Alexandra Wey
The successor company of Zug-based Crypto AG, which sold compromised encryption devices, announced that more than 80 employees will be made redundant.
This content was published on
1 minute
Keystone-SDA/ac
On Friday, Bernhard Neidhart, head of the Office of Economy and Labour of the Canton of Zug, confirmed information published in the NZZ paper. Zug’s labour office has been informed of the opening of a consultation phase due to a possible mass redundancy, Neidhart told press agency Keystone-SDA, without giving further details.
According to the newspaper article, Crypto International AG intends to cut 83 of its 85 positions in Switzerland. The posts affected are mainly specialists in the field of cybersecurity. These redundancies are likely linked linked to the government’s refusal to grant the company an export licence.
Crypto International AG acquired the rights to the now scandal-tainted Crypto AG company in 2018. Revelations this year that Crypto AG was at the heart of a vast CIA spying operation has shaken Switzerland to the core. The Zug-based communications encryption firm which was liquidated in 2018, sold code-making equipment to Iran, India, Pakistan, Latin American nations and dozens of other countries. The technology was modified to let the CIA and German secret service (BND) break codes, as reported by The Washington Post along with Swiss public television, SRF, and German broadcaster ZDF.
Popular Stories
More
Life & Aging
Zurich: how the world capital of housing shortages is tackling the problem
In Switzerland more people are being referred to electrical therapies or psychedelic-assisted psychotherapy. Are there similar approaches where you live?
Is your place of origin, your Heimatort, important to you?
Every Swiss citizen has a Heimatort, a place of origin, but many have never visited theirs. What’s your relationship with your Heimatort? What does it mean to you?
Swiss parties spent less than CHF1 million on February green vote
This content was published on
Swiss political parties spent CHF 700,000 ($840,000) on campaigns in the run-up to the overwhelmingly defeated vote on February 9, according to the Swiss Federal Audit Office.
This content was published on
Swisswool, the largest Swiss wool processor, is not accepting any wool for the first time this spring. For many sheep farmers, the only option is to get rid of the wool.
Swiss appeal to US Treasury Secretary for better cooperation
This content was published on
Swiss Finance Minister Karin Keller-Sutter met her US counterpart, Treasury Secretary Scott Bessent, in Washington on Thursday.
This content was published on
After reaching a low point at the end of 2024, the Swiss job market showed the first signs of a slight recovery in the first quarter.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Has ‘Crypto Leaks’ exposed Swiss neutrality as a sham?
This content was published on
Swiss politicians, historians and the media are debating the possible consequences of the latest spying scandal for the country’s credibility.
This content was published on
As Switzerland reels from a decades-old spying affair, here are some of the country’s most scandalous cases of espionage and data theft.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.