FTX collapse could see crypto sector layoffs accelerate

Recruitment specialists warn that the fall of crypto exchange FTX and the potential resulting contagion could lead to an acceleration of crypto-company layoffs in the coming months. The crypto space has already been hit hard by the bear market, with about 4,695 employees being let go in 2022 so far, according to a Nov. 14 report by CoinGecko. These include payment processor Stripe's layoff of 1,000 employees, Flow blockchain developer Dapper Lab's 22% cut and venture capital firm Digital Currency Group's 10% layoff. All of which took effect in early November alone. However, these layoffs — which already account for 4% of staff cuts across all "technology startups" — will only worsen in the coming months when the "full impact" of FTX's sudden collapse takes effect. "With the collapse of FTX since November 2 and its full impact on the cryptocurrency space still unfolding, further cryptocurrency layoffs may occur in the months to follow" — writes the authors at CoinGecko. Read the full story here on Cointelegraph. Stay up to date with what's happening by leveraging the same AI technology Cointelegraph's journalists use to report on market moving developments. © 2022 COINTELEGRAPH MARKETS PRO COINFIDENTIAL. Copyright © 2022 Cointelegraph Markets Pro, All rights reserved. You are receiving this email because you opted in at our website. Our mailing address is: Cointelegraph Markets Pro 21 W 46th St New York, NY 10036-4119 Add us to your address book Want to change how you receive these emails? You can update your preferences or unsubscribe from this list.