Crypto Winter Layoffs: Top 5 Crypto Companies Leading Worldwide Layoffs in 2022
The crypto industry is experiencing turbulent times, with crypto winter forcing them to shut down operations and freeze hiring.
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he crypto industry is experiencing turbulent times, with crypto winter forcing them to shut down operations and freeze hiring. After repeated ‘black swan’ events such as the FTX collapse, the Luna Terra crash, higher interest rates by Feds combined with regulatory uncertainty, and investors withdrawing from the crypto market, crypto markets are struggling to thrive. The number of companies announcing mass layoffs is rapidly growing. Today, In this article here’s the list of the top 5 cryptocurrency companies that have announced layoffs.
Coinbase
Coinbase, one of the largest cryptocurrency exchanges, announced a massive layoff as part of its efforts to cut costs in the face of volatile market conditions. In June, the top crypto exchange announced that it would cut 18% of its workforce, or approximately 1,100 jobs. Notably, the layoffs come just one day after Bitcoin dropped by up to 50%.
After five months on November 10 Coinbase layoff over 60 employees again in institutional onboarding departments. In June company said the layoff is part of the company’s plan to manage operating expenses in response to current market condition and ongoing business prioritisation efforts. Notably, Coinbase also halted its hiring process and rescinded job offers already extended to candidates in June, prompting some of them to express their displeasure online.
Kris Marszalek, CEO and founder of Crypto.com, announced the layoff of 260 employees in June, accounting for 5% of the exchange’s workforce. As per the media report, the exchange understated its layoffs significantly, and it has quietly let go of over 2,000 employees as trading volume has dried up due to the ongoing bear market.
Cryptocurrency exchange Crypto.com has quicky reponded on to the report and stated that a report claiming that it laid off over 2,000 employees was “incorrect.” According to Tech in Asia, the cryptocurrency exchange has dismissed recent mass layoff reports as “inaccurate.” “Any media reports of ongoing job cuts, as well as additional estimates and rumours about the total number of cuts, are inaccurate,” a spokesperson was quoted as saying. Notably, the company still haven’t unveils the right data of layoff employees. As per the company’s linkedin page the total employee of Crypto.com is $489k.
Celsius
Back in July 3 as per media reports an American-Israeli crypto lender, Celsius, laid off 150 employees as it battles a financial crisis that forced it to halt customer withdrawals last month, according to Calcalist. As per the company’s linkedin profile currenly, lending platform Celsius has 650 employees, including executives, listed on LinkedIn. The layoffs come at a time when the company is facing possible insolvency. It halted withdrawals in June, citing “extreme market conditions,” and has since hired restructuring experts. Following its mid-June turmoil, the company said it is looking into ways to “preserve and protect assets.”
ByBit
Ben Zhou, co-founder and CEO of cryptocurrency exchange Bybit, announced on December 4, that the company’s workforce will be reduced by at least 30% due to the deterioration of the market. Notably just after two days when Bybit CEO Ben Zhou stated that they are ‘bullish’ on Bybit’s four-year milestone, the company broke the news of layoff. Bybit’s layoff will be widespread. According to Zhou, in a recent tweet stated that it is critical for Bybit to have the proper structure and resources in place to deal with the market slowdown.
In addition to this he added with the because of this layoff, The company will be able to continue bringing the crypto ark to people all over the world with even more zeal and zest. As per the current data on linkedin profile of ByBit the total employee of ByBit is 832.
BlockFi
BlockFi, a decentralised finance company that facilitates crypto lending and borrowing, announced that it would “reduce its headcount by nearly 20%,” suggesting the layoff of over 600 employees. According to the company, the decision was “driven by market circumstances that have had a negative impact on our growth rate and a stringent review of our key plans.” As per the current data on linkedin profile of ByBit the total employee of BlockFi is 471.
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