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Crypto Layoffs: Here's the Grim Count Since April
As a bear market sweeps the industry, CoinDesk is keeping a running list of industry players that have cut jobs.
Updated May 9, 2023, 4:05 a.m. Published Jan 5, 2023, 3:19 p.m.
The unrelenting crypto winter has continued to hit all corners of the industry, forcing some of the biggest companies in the sector to curb their growth ambitions.
As these crypto firms try to stay afloat, CoinDesk has compiled a list of industry players that have cut back on staff. By our count, an estimated 29,868 crypto jobs have been lost as of Mar. 28, based on media reports and press releases. Here’s where we stand:
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- Mar. 28, 2023: Disney is cutting its metaverse team as part of a company-wide reduction, reducing headcount by 50 people.
- Mar. 22, 2023: Crypto custody provider Copper is planning to reduce its staff by 15%. The company employs more than 300 people but did not give an exact number of job cuts as the layoffs process only begins, a spokesman said.
- Mar. 14, 2023: Financial service company Anchorage Digital is laying off 20% of its workforce, reducing its headcount by 75 employees.
- Feb. 23, 2023: Software development company Dapper Labs lays off an additional 20% of its staff. In November, it laid off 22% of its workforce.
- Feb. 23, 2023: Crypto intelligence firm Messari is downsizing its staff by 15%.
- Feb. 22, 2023: Sydney, Australia-based crypto gaming firm Immutable reduces its workforce by 11%.
- Feb. 21, 2023: Ethereum scaling platform Polygon is reducing its workforce by 100 positions across multiple of its departments, cutting back by 20% on its staff.
- Feb. 13, 2023: NFT marketplace Magic Eden is laying off 22 staff members, which its CEO and co-founder Jack Lu said was part of a "company-wide restructuring."
- Feb. 3, 2023: Protocol Labs, the parent company of decentralized file storage network Filecoin, is reducing its workforce by 21%, cutting 89 positions across several of its teams.
- Feb. 2, 2023: Cryptocurrency exchange Bittrex is cutting more than 80 positions from its workforce.
- Feb. 2, 2023: Blockchain analytics company Chainalysis is reducing its headcount by 5%, cutting about 40-50 positions. The firm says it employs over 900 people. CoinDesk has rounded to the latter.
- Jan. 30, 2023: Las Vegas, Nevada-based crypto service company Prime Trust is cutting its workforce by one-third, according to two sources that spoke to CoinDesk.
- Jan. 27, 2023: Singapore-based crypto services provider Matrixport is downsizing its estimated 290-person roster by 10%.
- Jan. 26, 2023: Crypto tax company CoinTracker reduces its employee roster by 19, cutting back on one-fifth of its staff.
- Jan. 25, 2023: London-based crypto exchange (and CoinDesk sister company) Luno is cutting 35%, about 210 employees, from its estimated 600-person roster.
- Jan. 23, 2023: Crypto exchange Gemini is cutting another 10%, or about 100 employees, from its job roster. Its headcount was about 1,000 employees in November 2022, according to PitchBook data.
- Jan. 17, 2023: Fidelity-backed exchange OSL cuts workers by a third, but did not disclose reduction amount.
- Jan. 13, 2023: Crypto.com said it is cutting its workforce by about 20%. The exchange has around 3500-4500 employees, placing its current round of layoffs at around 700-900 employees. CoinDesk has rounded to the latter.
- Jan. 12, 2023: Cryptocurrency brokerage Blockchain.com is letting go of 28% of its workforce, about 110 employees.
- Jan. 10, 2023: Ethereum software firm ConsenSys, which has an estimated 900 staffers, is planning to reduce its headcount by 100.
- Jan. 10, 2023: Coinbase is planning to cut around 20%, or 950 individuals, from its workforce.
- Jan. 6, 2023: NFT marketplace SuperRare cuts staff by 30%, bringing its roster to about 50 employees from an estimated 70, according to a SuperRare spokesperson.
- Jan. 5, 2023: Crypto exchange Huobi reduces 20% of its headcount.
- Jan. 5, 2023: Crypto lender Genesis Global Trading lays off 30% of its staff, reducing its headcount by an estimated 62 employees and bringing its total roster to 145. Genesis is owned by Digital Currency Group, which also CoinDesk's parent company.
- Jan. 5, 2023: Crypto bank Silvergate Capital (SI) cuts 200 jobs, about 40% of its workforce.
- Dec. 9, 2022: Crypto trading firm Amber Group lays off 40% of its workforce, reducing its headcount by about 300.
- Dec. 5, 2022: Australian crypto exchange Swyftx cuts 90 jobs, reducing its workforce by 35%.
- Dec. 5, 2022: Bybit to lay off 250 employees, a 30% reduction.
- Nov. 30, 2022: Crypto exchange Kraken cuts 30% of its staff, an estimated 1,100 people.
- Nov. 24, 2022: Argentine crypto exchange Lemon Cash sheds 100 jobs, about 38%, of its 296-employee roster.
- Nov. 18, 2022: Bitcoin financial-services firm Unchained Capital cuts its staff by 15%, or 16 people.
- Nov. 10, 2022: Crypto exchange Coinbase (COIN) lays off 60 employees.
- Nov. 9, 2022: Meta Platforms (META) slashes more than 11,000 jobs, an estimated 13% of its workforce.
- Nov. 4, 2022: Web3 gaming studio Mythical Games lays off 10% of its employees, an estimated 32 individuals.
- Nov. 3, 2022: Payments processor Stripe cuts more than 1,000 jobs, about 14% of its workforce.
- Nov. 2, 2022: Dapper Labs reduces its workforce by 22%, about 135 staff members.
- Nov. 2, 2022: Crypto exchange BitMEX cuts 20% of its staff, about 53 employees.
- Nov. 2, 2022: Digital Currency Group cuts nearly 13% of its staff, placing its headcount at 66. The crypto conglomerate owns CoinDesk.
- Nov. 1, 2022: Crypto finance firm Galaxy Digital to cut one-fifth of its workforce, an estimated 170 employees.
- Oct. 13, 2022: Crypto trading firm NYDIG lays off about 33% of its staff, about 110 employees.
- Oct. 11, 2022: Market maker GSR cuts its staff by 10%, an estimated 30 employees.
- Oct. 6, 2022: Crypto exchange Crypto.com downsizes by 2,000 employees, about 30%-40% of its staff.
- Oct. 1, 2022: Indian crypto exchange WazirX lays off roughly 40%, about 50 to 70 employees.
- Sept. 23, 2022: Stakefish staff is reduced by 25% following Ethereum Merge, about eight employees.
- Sept. 16, 2022: Fintech startup TrueLayer trims 10% of its staff, about 45 employees.
- Sept. 1, 2022: Social media giant Snap (SNAP) disbands its Web3 team, laying off 20% of its staff, about 1,459 employees.
- Sept. 1, 2022: A second round of layoffs at Brazilian crypto unicorn 2TM reduces the firm's staff by 15%, about 100 employees.
- Aug. 17, 2022: Crypto broker Genesis Global Trading cuts 20% of its 260-person workforce. Genesis, like CoinDesk, is owned by Digital Currency Group.
- Aug. 11, 2022: Crypto miner Core Scientific (CORZ) cuts 10% of its staff.
- Aug. 2, 2022: Broker Robinhood Markets (HOOD) slashes 780 jobs, about 23% of its workforce.
- July 29, 2022: Crypto exchange CoinFLEX reduces is 50%-60% of staff.
- July 21, 2022: Blockchain.com cuts 25% of its staff, about 150 jobs.
- July 14, 2022: NFT marketplace OpenSea lays off roughly 20% of its staff.
- July 7, 2022: Compass Mining cuts 15% of its staff, lowers executive compensation.
- July 5, 2022: Crypto exchange Bullish.com reportedly cuts about 10% of workforce.
- July 4, 2022: Crypto lender Celsius Network reportedly cuts 150 jobs amid restructuring.
- July 1, 2022: Cosmos-builder Ignite cuts its headcount by more than 50%, according to former employees.
- June 28, 2022: Crypto exchange Huobi Global could cut over 30% of its workforce as China's crackdown on crypto leads to a fall in revenue.
- June 27, 2022: Australian crypto exchange Banxa lays off 70.
- June 24, 2022: European crypto exchange Bitpanda cuts its staff by 270.
- June 20, 2022: Bybit to reduce its workforce by 30%.
- June 14, 2022: Coinbase lays off around 1,100 employees.
- June 13, 2022: Crypto.com, BlockFi to cut more than 400 jobs.
- June 3, 2022: Brazilian crypto unicorn 2TM lays off more than 80 employees.
- June 2, 2022: Middle Eastern crypto exchange Rain reportedly lays off dozens of employees.
- June 2, 2022: Gemini cuts 10% of its staff.
- May 26, 2022: Latin American crypto exchange Bitso lays off 80 employees.
- May 24, 2022: Argentinian crypto exchange Buenbit cuts 45% of its staff, roughly 80 people.
- April 4, 2022: Crypto exchange BitMEX lays off 75 workers.
Read more: Crypto Jobs: Who’s Cutting and Hiring?
CORRECTION (Dec. 13 17:00 UTC): Corrects the CoinDesk estimate of the 15% of people laid off by Unchained Capital to 16.
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