The Org’s 2022 Layoff Tracker: Crypto and Blockchain
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These crypto and blockchain companies have slashed staff or frozen hiring amid a broader market reckoning.
Since early May, thousands of tech workers at companies large and small have faced layoffs. Public companies are facing a cash crunch as the market falls, and startup leaders are bracing themselves for turbulence ahead, once again weighing layoffs as a means of controlling burn rates and attracting new capital.
Layoffs and hiring freezes have hit the crypotcurrency and blockchain industries with particular gusto. The price of bitcoin has cooled by nearly 40% since April, ushering in a "crypto winter" and further tumult ahead.
The Org’s team of journalists is tracking the latest layoffs and hiring freezes at crypto and blockchain companies. We’ll be updating it regularly, as necessary. The list is in reverse chronological order, with newer announcements at the top:
Bybit
Singapore-based crypto exchange Bybit is laying off "20% to 30%, with some partial layoffs as high as 50%" of its 2000-person workforce, according to crypto reporter James Wu. “Bybit is highly dependent on professionalism and rapid execution capabilities. We are exploring a way to remove overlapping functions and build smaller but more agile teams to improve our efficiency. Starting from this week, some of the functions and roles will be reviewed to ensure we stay focused and agile,” the company later said in a statement.
Coinbase
On June 14, the cryptocurrency exchange laid off 18% of its workers, amounting to about 1,100 jobs lost. In an early morning blog post, CEO Brian Armstrong blamed the economy and admitted "we grew too quickly." Coinbase's layoffs come a month after it froze hiring indefinitely and rescinded job offers.
BlockFi
BlockFi, which offers crypto-backed loans and bevy of other bitcoin-related products, slashed its headcount by 20% on June 13--affecting roughly 170 of its 850 employees. In a blog post, cofounders Zac Prince and Flori Marquez echoed a now-familiar sentiment: "Like many others in the tech industry, we have been impacted by the dramatic shift in macroeconomic conditions worldwide," they wrote.
Crypto.com
On June 10, Crypto.com became the latest cryptocurrency exchange to lay off employees, Blockworks reported. About 260 staffers, including some senior personnel, were affected in the 5% workforces reductions. The company counts Lebron James as a spokesperson, and it recently bought the naming rights to Los Angeles' famous Staples Center stadium.
Gemini
Crypto darling Gemini, founded by the twin billionaire bitcoin bulls Cameron and Tyler Winklevoss, slashed 10% of its workforce on June 2, reports Bloomberg. The exchange was last valued north of $7 billion in late 2021, when it employed roughly 350 people and saw $30 billion in annual transactions.
Rain Financial
As "crypto winter" deepens, Rain Financial--one of the Middle East's largest crypto exchanges--laid off "dozens" of workers on June 2, Bloomberg reported. Coinbase, which backs Rain, recently froze hiring itself.
