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As industries fail, the first course of action taken by employers is to cut the workforce to stop the financial hemorrhaging, it looks like Crypto is the first casualties of the crash that started in November 2021, and then intensified in May 2022. As a rule the more speculative assets are the first to show cracks, they are the canary in the coal mine. We'll soon start to see layoffs in other industries as the bursting of the bubbles spreads into other areas of the economy.
Singapore-based crypto exchange Crypto.com slashes 260 jobs amid industry downturn.
The layoffs come on the back of other similar cuts in recent weeks.
New Jersey-based crypto lending startup BlockFi also announced a headcount reduction of 20 per cent Monday.
Cryptocurrency exchange Gemini Trust’s chief executive officer Tyler Winklevoss and president Cameron Winklevoss said in a blogpost on 2 June that it would be cutting 10 per cent of its workforce.
A day later, Coinbase Global announced that it was extending its hiring freeze for new and backfill roles for the foreseeable future, two weeks after it paused hiring.
https://au.finance.yahoo.com/news/singapore-crypto-exchange-cryptocom-slashes-260-jobs-082852324.html
