3,500 crypto specialists out of work, more layoffs to come

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Licensed! More than 3,500 specialists have been affected by massive cuts in the cryptocurrency market, but it looks like the worst is yet to come.

The cryptocurrency bear market has dealt a severe blow to the sector’s labor market. As of July 2, at least 3,500 specialists worldwide in the fields of cryptocurrency marketing, human resources, technical support and programming have been laid off.

The biggest cuts were recorded at crypto exchange Coinbase, where company founder Brian Armstrong announced the layoff of 18% of staff (more than 1,000 people). It is not yet clear whether the cuts are due to market conditions or a scandal within the company.

However, other exchanges are not far behind in terms of layoffs. For example, the Bitpanda exchange also announced changes, laying off 730 employees. In third place is the ByBit exchange which, according to media reports, has left 20-30% of its staff (up to 600 employees) out of work due to unsatisfactory growth in operations.

Summary

– Crypto exchange Coinbase laid off more than 1,000 people (18% of its staff) to “maintain stability during the economic downturn.”

– Cryptocurrency exchange Bybit laid off 20%-30% of staff (up to 600 people).

– Crypto exchange Huobi is preparing to lay off about 300 people.

– Gemini exchange laid off 10% of staff (~100 people) due to “cryptocurrency winter”.

– Coinbase-sponsored marketplaces Vauld and Rain also announced cuts but did not specify the extent.

– Cryptocurrency lender BlockFi laid off 20% of its employees (170 employees), while Crypto.com staff was reduced by 5% (260 employees).

– Argentinian cryptocurrency exchange Buenbit has laid off 45% of its staff (~80 people).

– The Mexican stock exchange Bitso terminated employment relations with 80 employees.

– European crypto exchange Bitpanda also announced changes, laying off 730 employees.

– Australian cryptocurrency exchange Banxa laid off 30% (around 70 people), citing another “crypto winter”.

– The BitMEX market laid off about 75 employees.

– Hong Kong-based crypto exchange OSL reduced to 60 employees.

Pulled: increased wave

At the same time, the wave of cuts seems to be only gaining momentum. Pantera Capital hedge fund boss Dan Morehead said sooner than the next two months, the crypto market is expecting even more bankruptcies like Three Arrows Capital due to the monetary policy of the US Federal Reserve.

Meanwhile, more and more of America’s top managers are sounding the alarm about an impending recession. Elon Musk, the founder of Tesla and SpaceX, said the crisis was Already there.

Goldman Sachs analysts raised the probability of a recession in the next twelve months to 30%, and JPMorgan Chase CEO Jamie Dimon even urged people to prepare for the “economic hurricane” that is already looming on the horizon.

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