Home » ‘Just’ 4% – How significant in number are crypto-layoffs these days

‘Just’ 4% – How significant in number are crypto-layoffs these days

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Layoffs in the cryptocurrency sector accounted for just 4% of total technology sector layoffs this year.

according to coin gecko, the crypto sector laid off 4,695 employees as of Nov. 13. This gives us 10 sectors.th Position on the list of tech sectors with the biggest layoffs.

“Just” 4,695 Layoffs in Crypto Sector

18,486 people were laid off in the consumer tech sector, accounting for 15.6% of all technology-related job cuts. Facebook’s parent company Meta recently laid off 11,000 employees. This accounts for 59.5% of all layoffs in consumer technology. Twitter also laid off an estimated 3,700 employees after its Elon Musk acquisition.

The food tech sector came in second with 13,203 layoffs, accounting for 11.1% of all tech layoffs. Turkish delivery company Getir laid off her 4,480 employees in May. This accounts for 33.9% of all food tech layoffs. Foodpanda, Delivery Hero and Shopee have also laid off quite a few employees.

Source: CoinGecko

Top 5 tech sectors, that is. The consumer, food, transportation, finance and healthcare technology sectors account for more than half of technology layoffs. Together, these represent his 53.1% of layoffs across the industry.

Major layoffs in the crypto sector in 2022

A major crypto and blockchain company has suspended the services of a huge number of staff members.

NFT leader Dapper Labs dismissed 22% of the workplace at the beginning of November, or about 135 staff. Web3 Farm Digital Currency Group dismissed About 10% of its staff at about the same time.

Galaxy Digital by Michael Novogratz trying to get fired About 15-20% of staff.Also crypto exchange BitMeX scheduled to fire 30% of its staff.

Cryptocurrency trading broker NYDIG reported last month that dismissal We cut our workforce by about 33% before replacing two executives, including our CEO. About 110 employees were affected during the process. In the same month, Crypto.com Decrease We have cut staff by 30-40% and laid off over 2,000 people.

In August, cryptocurrency mining company Core Scientific dismissed After announcing a net loss of $862 million in the second quarter of 2022, it cut 10% of its workforce.

In July, cryptocurrency lending company Celsius dismissed About 150 people. Soon it filed for bankruptcy.Around the same time, Chinese cryptocurrency company Huobi let go After China began to strictly enforce its ban on cryptocurrency mining, it now has over 30% of its workforce.

In June, virtual currency exchange Bybit dismissed 20-30% of the workforce. Another Exchange Coinbase dismissed About 1,100 employees, about 18% of the workforce.

Layoffs in the crypto industry are not as high as in other tech industries, but things could get worse. Especially since the FTX crisis could quickly result in many layoffs at affected companies.

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