The ongoing crypto winter, which has wiped out almost $2 trillion in value from the market, has affected blockchain companies across the globe. This has resulted in nearly 5,000 people losing their jobs in recent months.
The information comes from a CryptoPresales.com report, which collected and analyzed data from various sources. Here are some key takeaways.
- The crypto market has lost $1.9 trillion in value since its peak in November 2021. Bitcoin and Ethereum lost 55% and 46% in total value year-over-year, respectively.
- Crypto companies have laid off 4,406 employees since April, with over 60% of all cuts occurring in June.
- 3,085 layoffs happened in that month alone, with 870 people losing their jobs in July. 216 employees were laid off in August so far.
- Coinbase laid off 1,100 people (around 20% of its headcount) in June after reporting a 27% year-over-year revenue decline.
- It is followed by Bybit, which has cut 600 people (30% of its workforce).
- Other companies in the top 10 by the number of laid off employees include Huobi (300 people), Bitpanda (270), Crypto.com (260), BlockFi (250), and OpenSea (230).