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3.52%Crypto Layoffs: Amber Group, Bybit, Kraken, Lemon Cash, Among Firms Forced to Make Mass Job Cuts
As the bear market sweeps the crypto industry, CoinDesk is keeping a running list of industry players that have been forced to cut back on staff.
Updated May 9, 2023, 4:04 a.m. Published Dec 9, 2022, 7:06 p.m.
The unrelenting crypto winter has continued to hit all corners of the industry, forcing some of the biggest players to curb their growth ambitions.
As these crypto companies work to stay afloat, CoinDesk has compiled a list of industry players that have cut back on staff. By our count, an estimated 26,702 crypto jobs have been lost as of Dec. 9, 2022, based on media reports and press releases. Here’s where we stand:
STORY CONTINUES BELOW
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- Dec. 9, 2022: Crypto trading firm Amber Group lays off 40% of its workforce, reducing its headcount by about 300
- Dec. 5, 2022: Australian crypto exchange Swyftx cuts 90 job positions, reducing its workforce by 35%
- Dec. 5, 2022: Bybit to lay off 250 employees, a 30% reduction
- Nov. 30, 2022: Crypto exchange Kraken cuts 30%, an estimated 1,100 people, from its workforce
- Nov. 24, 2022: Argentine crypto exchange Lemon Cash sheds 100 jobs, about 38%, of its 296-employee roster
- Nov. 18, 2022: Bitcoin financial services firm Unchained Capital cuts staff by 15%, or 16 people
- Nov. 10, 2022: Crypto exchange Coinbase reduces an estimated 60 job positions
- Nov. 9, 2022: Meta slashes over 11,000 jobs, an estimated 13% of its workforce
- Nov. 4, 2022: Web3 gaming studio Mythical Games lays off 10% of employees, an estimated 32 individuals
- Nov. 3, 2022: Payments processor Stripe cuts over 1,000 jobs, about 14% of its workforce
- Nov. 2, 2022: Dapper Labs reduces workforce by 22%, about 135 staff members
- Nov. 2, 2022: Crypto exchange BitMEX cuts 20% of staff, about 53 employees
- Nov. 2, 2022: Digital Currency Group cuts nearly 13% of staff, placing its headcount at 66
- Nov. 1, 2022: Crypto finance firm Galaxy Digital to cut one-fifth of workforce, an estimated 170 employees
- Oct. 13, 2022: Crypto trading firm NYDIG lays off about 33% of staff, about 110 employees
- Oct. 11, 2022: Market maker GSR cuts staff by 10%, an estimated 30 employees
- Oct. 6, 2022: Crypto exchange Crypto.com downsizes by 2,000 employees, about 30%-40% of staff
- Oct. 1, 2022: Indian crypto exchange WazirX lays off roughly 40%, about 50 to 70 employees
- Sept. 23, 2022: Stakefish staff reduced by 25% following Ethereum Merge, about eight employees
- Sept. 16, 2022: Fintech startup TrueLayer trims 10% of staff, about 45 employees
- Sept. 1, 2022: Social media giant Snap disbands Web3 team, lays off 20% of staff, about 1,459 employees
- Sept. 1, 2022: Second round of layoffs at Brazilian crypto unicorn 2TM reduces staff by 15%, about 100 employees
- Aug. 17, 2022: Crypto broker Genesis cuts 20% of 260-person workforce
- Aug. 11, 2022: Crypto miner Core Scientific cuts 10% of staff
- Aug. 2, 2022: Broker Robinhood slashes 780 jobs, about 23% of its workforce
- July 29, 2022: Crypto exchange CoinFLEX reduces 50%-60% of staff
- July 21, 2022: Blockchain.com cuts 25% of staff, about 150 jobs
- July 14, 2022: OpenSea lays off roughly 20% of staff
- July 7, 2022: Compass Mining cuts 15% of staff, lowers executive compensation
- July 5, 2022: Crypto exchange Bullish.com Reportedly cuts about 10% of workforce
- July 4, 2022: Crypto lender Celsius Network reportedly cuts 150 jobs amid restructuring
- July 1, 2022: Cosmos-builder Ignite cuts headcount by more than 50%, according to former employees
- June 28, 2022: Huobi Global could cut over 30% of workforce as China crackdown leads to fall in revenue
- June 27, 2022: Australian crypto exchange Banxa lays off 70
- June 24, 2022: European Crypto Exchange Bitpanda cuts staff by 270
- June 20, 2022: Bybit to reduce workforce by 30%
- June 14, 2022: Coinbase lays off around 1,100 employees
- June 13, 2022: Crypto.com, BlockFi to cut over 400 jobs
- June 3, 2022: Brazilian crypto unicorn 2TM lays off over 80 employees
- June 2, 2022: Middle Eastern crypto exchange Rain reportedly lays off dozens of employees
- June 2, 2022: Gemini cuts 10% of staff
- May 26, 2022: Latin American crypto exchange Bitso lays off 80 employees
- May 24, 2022: Argentinian crypto exchange Buenbit cuts 45%, roughly 80 people
- April 4, 2022: Crypto exchange BitMEX lays off 75 workers
Read more: Crypto Jobs: Who’s Cutting and Hiring?
CORRECTION (Dec. 13 17:00 UTC): Corrects the CoinDesk estimate of the 15% of people laid off by Unchained Capital to 16.
Fran Velasquez
Fran is CoinDesk's TV writer and reporter. He is an alum of the University of Wisconsin-Madison and CUNY's Craig Newmark Graduate School of Journalism, where he earned his master's in business and economic reporting. In the past, he has written for Borderless Magazine, CNBC Make It, and Inc. He owns no crypto holdings.
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