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 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), (260), BlockFi (250), and OpenSea (230).

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