Crypto Layoffs: Coinbase, Meta, Stripe, DapperLabs, Among Firms Forced to Make Mass Job Cuts

As a bear market sweeps the crypto industry, CoinDesk is keeping a running list of industry players that have been forced to cut back on staff.

By Fran Velasquez, CoinDesk Staff

Jul 21, 2022 at 6:20 p.m. UTC

Updated Nov 11, 2022 at 3:50 a.m. UTC

Fran Velasquez

Fran is a writer and reporter at CoinDesk. He owns no crypto holdings.

Follow @_franvela on Twitter

CoinDesk Staff

The unrelenting crypto winter has continued to hit all corners of the industry, forcing some of the biggest players to curb their growth ambitions.

As these crypto companies work to stay afloat, CoinDesk has compiled a list of industry players that have cut back on staff. By our count, an estimated 24,224 crypto jobs have been lost as of Nov. 10, 2022, based on media reports and press releases. Here’s where we stand:

Nov. 10, 2022: Crypto exchange Coinbase reduces an estimated 60 job positions
Nov. 9, 2022: Meta slashes over 11,000 jobs, an estimated 13% of its workforce
Nov. 4, 2022: Web3 gaming studio Mythical Games lays off 10% of employees, an estimated 32 individuals
Nov. 3, 2022: Payments processor Stripe cuts over 1,000 jobs, about 14% of its workforce
Nov. 2, 2022: Dapper Labs reduces workforce by 22%, about 135 staff members
Nov. 2, 2022: Crypto exchange BitMEX cuts 20% of staff, about 53 employees
Nov. 2, 2022: Digital Currency Group cuts nearly 13% of staff, placing its headcount at 66
Nov. 1, 2022: Crypto finance firm Galaxy Digital to cut one-fifth of workforce, an estimated 170 employees
Oct. 13, 2022: Crypto trading firm NYDIG lays off about 33% of staff, about 110 employees
Oct. 11, 2022: Market maker GSR cuts staff by 10%, an estimated 30 employees
Oct. 6, 2022: Crypto exchange Crypto.com downsizes by 2,000 employees, about 30%-40% of staff
Oct. 1, 2022: Indian crypto exchange WazirX lays off roughly 40%, about 50 to 70 employees
Sept. 23, 2022: Stakefish staff reduced by 25% following Ethereum Merge, about eight employees
Sept. 16, 2022: Fintech startup TrueLayer trims 10% of staff, about 45 employees
Sept. 1, 2022: Social media giant Snap disbands Web3 team, lays off 20% of staff, about 1,459 employees
Sept. 1, 2022: Second round of layoffs at Brazilian crypto unicorn 2TM reduces staff by 15%, about 100 employees
Aug. 17, 2022: Crypto broker Genesis cuts 20% of 260-person workforce
Aug. 11, 2022: Crypto miner Core Scientific cuts 10% of staff
Aug. 2, 2022: Broker Robinhood slashes 780 jobs, about 23% of its workforce
July 29, 2022: Crypto exchange CoinFLEX reduces 50%-60% of staff
July 21, 2022: Blockchain.com cuts 25% of staff, about 150 jobs
July 14, 2022: OpenSea lays off roughly 20% of staff
July 7, 2022: Compass Mining cuts 15% of 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 headcount by more than 50%, according to former employees
June 28, 2022: Huobi Global could cut over 30% of workforce as China crackdown leads to fall in revenue
June 27, 2022: Australian crypto exchange Banxa lays off 70
June 24, 2022: European Crypto Exchange Bitpanda cuts staff by 270
June 20, 2022: Bybit to reduce workforce by 30%
June 14, 2022: Coinbase lays off around 1,100 employees
June 13, 2022: Crypto.com, BlockFi to cut over 400 jobs
June 3, 2022: Brazilian crypto unicorn 2TM lays off over 80 employees
June 2, 2022: Middle Eastern crypto exchange Rain reportedly lays off dozens of employees
June 2, 2022: Gemini cuts 10% of staff
May 26, 2022: Latin American crypto exchange Bitso lays off 80 employees
May 24, 2022: Argentinian crypto exchange Buenbit cuts 45%, roughly 80 people
April 4, 2022: Crypto exchange BitMEX lays off 75 workers

Read more: Crypto Jobs: Who’s Cutting and Hiring?

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