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Experts from Coindesk said that the cryptocurrency industry is under serious pressure, which has led to massive layoffs in large companies. Among the firms that were forced to cut the number of employees were such industry giants as Dapper Labs, BitMEX, Coinbase, Galaxy Digital and others.
The experts said they have compiled a list of organizations that have been forced to lay off their employees in the last 6 months. As of November 3, 2022, 12,132 people have lost their jobs in the cryptocurrency industry, according to analysts.
In November 2022, Dapper Labs cut staff by 22% (135 people), BitMEX laid off 20% of the staff (53 employees). Digital Currency Group got rid of 13% of employees, bringing the number of employees to 66 people. Galaxy Digital will cut a fifth of the state, laying off 170 employees.
In October this year, NYDIG cut a third of its staff, or 110 people. Market maker GSR cut staff by 10%, crypto exchange Crypto.com laid off 2,000 people, and WazirX laid off approximately 40% of its staff.
In September, Stakefish reduced the number of workers by 25%, the fintech startup TrueLayer laid off 10% of the staff, or about 45 employees. Snap disbanded the Web3 development team, laying off 20% of the staff, or approximately 1,450 people. There was also a second wave of layoffs in Brazilian 2T, where the staff was cut by 100 people.
This summer, crypto broker Genesis laid off 20% of its workforce, or about 260 people. Core Scientific cut staff by 10%, Robinhood removed 780 citizens from their jobs, and CoinFLEX reduced the number of employees by 50-60%. Blockchain.com laid off 25% of the staff, as did OpenSea, where 20% lost their jobs. Approximately 15% of Compass Mining employees were laid off, and Bullish.com reduced the number of employees by 10%.
In addition, many other companies got rid of their employees due to the crypto winter.
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