Crypto Companies Laid Off 570 Employees Last Month

By the end of February 2021, the blockchain sector had seen a total of 3,000 job losses since the start of 2023, according to Cointelegraph.

However, the rate of layoffs had decreased markedly, with only 570 people losing their jobs last month. The largest blockchain companies, including Coinbase and Huobi, experienced redundancies, while software developers such as Messari and Elliptic cut their workforce by 10%.

The layoffs were reportedly caused by two major events in the industry – the collapse of Terra and the bankruptcy of FTX – that created a challenging market environment.