KuCoin putting jobs on chopping block

July 26, 2023

Dear Reader,

Crypto companies are notorious for bending the truth.

Remember when Sam Bankman-Fried flat-out lied.

Tweeted that FTX customer assets were safe.

Not!

A day later the whole show went up in flames.

Anyway, it turns out that KuCoin is denying mass layoffs.

After rumors spread that it would be laying off 30% of its workforce.

Company brass did admit that some "personnel adjustments" were coming.

Addressing the rumors, company CEO Johnny Lyu took to… where else… Twitter.

So we can all rest safe and sound that everything is A-okay.

Hmn?

But let's put things in perspective.

Crypto asset prices tanked throughout 2022.

Forcing the Big Boys of crypto to chop personnel counts.

Binance cut 1,000 jobs since May of this year.

Coinbase laid off 18% and another 20% of its workforce.

Back in November, Kraken dismissed 30% of its employees.

Yeah… "brutal" would be putting it mildly.

The industry needs a boost.

With the halving underway, we could see a spike in prices.

Then maybe another epic bull run to shake things up.

Want to stay on top of the market?

By getting real-time alerts on events that move crypto prices.

Then you've got to take a look at Cointelegraph Markets Pro.

Regards,

Russell DeCorte
Director
Markets Pro