The crypto industry is going through turbulent times, crypto winter They have been forced to shut down operations and freeze hiring. After a series of “black swan” events, such as the FTX crash, the Luna Terra crash, the Fed raising interest rates and regulatory uncertainty, and investors exiting the crypto market, the crypto market continues to thrive. I’m having a hard time. The number of companies announcing mass layoffs is growing rapidly. Today, in this article, below is a list of the top 5 cryptocurrency companies that have announced layoffs.
coin baseOne of the largest cryptocurrency exchanges . In June, the top cryptocurrency exchange announced that it would cut its workforce by 18%, or about 1,100 jobs. Notably, the layoffs came just one day after Bitcoin fell by up to 50%.
Five months later on November 10, Coinbase laid off more than 60 employees again in the institution’s onboarding department. The company said in June that the layoffs were part of the company’s plan to manage operating costs in response to current market conditions and ongoing business prioritization efforts. and canceled job openings that had already been offered to candidates in June, causing some candidates to express their frustrations online.
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Crypto.com CEO and founder Kris Marszalek announced layoffs of 260 employees in June. This equates to his 5% of the exchange’s workforce. According to media reports, the exchange has grossly underestimated job cuts and has quietly laid off more than 2,000 employees as trading volumes dried up due to the ongoing bear market.
Cryptocurrency exchange Crypto.com was quick to react to the report, saying the report, which claims to have laid off more than 2,000 employees, is “wrong.”According to Tech in Asia, crypto trading office dismissed reports of recent mass layoffs as “inaccurate.” “Media reports of ongoing layoffs, as well as additional estimates and rumors regarding the total number of layoffs, are inaccurate,” a spokesperson said. has not yet been revealed. According to the company’s linked page, Crypto.com’s total workforce is $489,000.
Back on July 3rd, according to media reports, US and Israeli crypto lenders Celsius, according to Calcarist, has laid off 150 employees as it battled a financial crisis that forced it to suspend customer withdrawals last month. 650 employees, including executives, are on LinkedIn. Layoffs occur when a company faces the possibility of bankruptcy. The company halted its exit in June, citing “extreme market conditions” and has since hired restructuring experts. The company said it was looking at ways to “preserve and protect assets” after the turmoil in mid-June.
Ben Zhou, co-founder and CEO of cryptocurrency exchange Bybit, announced on Dec. 4 that the company will cut its workforce by at least 30% due to the market downturn. Notably, two days after Bybit CEO Ben Zhou said he was “bullish” on his four-year milestone at Bybit, the company broke the news of the layoff. Bybit layoffs will be widespread. According to Zhou, recently Tweet He said it was important for Bybit to have the right structure and resources in place to deal with the market slowdown.
In addition to this, he added that because of this layoff, the company will be able to continue serving CryptoArc to people around the world with even more enthusiasm and enthusiasm. According to the data of ByBit, the total number of employees is 832.
BlockFi, a decentralized finance company that facilitates lending and borrowing cryptocurrencies, has announced it will be “cutting its headcount by nearly 20%,” suggesting layoffs of more than 600 employees. The company said the decision was “due to market conditions that negatively impacted our growth rate and a rigorous review of our major plans.” According to current data from ByBit’s linked profile, BlockFi’s total employees are 471 people.
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