Brex has devalued reward points by 40% without any notice at all. Previously points were worth 1¢ per point and could be transferring to travel partners at a 1:1 rate. You now get 0.6¢ per point or can transfer 1,670 Brex points for 1,000 with one of their transfer partners. You can still get 1¢ per point when booking through their travel platform or when redeeming for giftcards.
Apparently Brex has received billions of dollars in new deposits with the collapse of Silicon Valley Bank. So this change is most likely due to that happening.
Hat tip to Award Wallet
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