Nearly 5 000 crypto employees have lost their jobs since April, reflecting the crushing $1.9 trillion loss in the market value of cryptocurrencies since the peak in November 2021. Data from CryptoPresales.com shows June was the most brutal month, accounting for more than 60% of the job cuts. This coincided with the brutal sell-off in cryptocurrencies in June.
The company has quietly let go more employees since the initial layoffs, making it difficult to estimate their exact number. CoinDesk, which monitors crypto layoffs, reports several other companies laying off 15-20% of their workforce, among them Genesis, broker Robinhood, Blockchain.com , NFC marketplace OpenSea , Ignite, the company that founded the Cosmos blockchain ecosystem , and crypto exchange CoinFLEX .