Crypto Hotshots 2022 🔥♨️

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Telegram
Voice of Crypto
  • VOC Explained
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Press Release
    • Sponsored
    • Global Crypto Events
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
  • Know Us
    • About Us
    • VOC Team
    • VOC Vigilantes
    • Brands Who Trust Us
    • Contact Us
Reading: FTX Fall Could Lead to More Layoffs In the Crypto Space
Share
  • bitcoinBitcoin(BTC)$28,470.00
  • ethereumEthereum(ETH)$1,827.55
  • tetherTether(USDT)$1.00
  • binancecoinBNB(BNB)$315.61
  • usd-coinUSD Coin(USDC)$1.00
  • rippleXRP(XRP)$0.52
  • cardanoCardano(ADA)$0.393869
  • staked-etherLido Staked Ether(STETH)$1,822.76
  • dogecoinDogecoin(DOGE)$0.077332
  • matic-networkPolygon(MATIC)$1.11
  • Events
  • Videos
  • Podcast
Voice of CryptoVoice of Crypto
Aa
  • VOC Explained
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Press Release
  • Services
  • Know Us
Search
  • VOC Explained
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Press Release
    • Sponsored
    • Global Crypto Events
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
  • Know Us
    • About Us
    • VOC Team
    • VOC Vigilantes
    • Brands Who Trust Us
    • Contact Us
Follow US
Copyright © 2023 Voice of Crypto. All Rights Reserved
Voice of Crypto > News > FTX Fall Could Lead to More Layoffs In the Crypto Space
News

FTX Fall Could Lead to More Layoffs In the Crypto Space

Valentine Adegboyegun
Last updated: 2023/03/14 at 12:03 PM
Valentine Adegboyegun Published November 15, 2022 March 14, 2023
Share
Crypto, VOC, Layoffs, FTX, Coinbase

Key Insights

  • FTX collapse could accelerate layoffs in the crypto sector
  • The month of November has seen massive layoffs in the crypto and tech ecosystem
  • In recent times, Meta, Stripe, and Dapper Lab are some of the tech companies that have undergone layoffs

The FTX collapse is the major highlight of events in the cryptocurrency and tech ecosystem. The exchange had to file for bankruptcy leading to major investors pulling out their funds— and the unfortunate attack leading to a loss of over $400 million. 

Contents
Key InsightsFTX Collapse Could Accelerate Crypto Sector LayoffsConclusion 

Since then, a lot has happened, ranging from the crash in assets’ price value to a loss of confidence among investors, etc. The latest happening on our radar since the FTX collapse is the imminent layoffs in the crypto sector. 

FTX Collapse Could Accelerate Crypto Sector Layoffs

Since the FTX collapse last week, several data aggregator platforms have been rolling out the effect. 

CoinGecko, a data aggregator platform, released a report on the 14th of November.  The report revealed that as of November 13, about 4,695 employees lost their jobs in the crypto sector. This number shows about 4% of staff cut across all crypto and tech startups. 

Similarly, the founder of CryptoRecruit, Neil Dundon, acknowledged that the FTX events would accelerate more layoffs. In Trent_Titan’s tweet, he likened the FTX collapse to the 2008 Lehman Brothers crisis. 

Why FTX's Collapse Is The Crypto Equivalent Of The 2008 Lehman Brothers Crisis – Benzinga Pro #FTX pic.twitter.com/990u5voDN9

— Titan Trades | Options Trading Discord (@Trent_Titan) November 13, 2022

However, he said it hadn’t changed the broader trend that crypto recruitment would follow after that. 

Neil Dundon said,

“There will be layoffs because of the FTX incident— but that will present opportunities for good projects to scoop up good talent.” 

Furthermore, Proof of Search founder Kevin Gibson identifies the negative impact of the FTX incidence and the crypto winter. He identified the negative impact on the crypto sector job opportunities.

In an instance sighted by Kevin Gibson, he mentioned a candidate scheduled to start work today. However, during his first call to the company, the offer was “pulled.” Therefore, he would have to search for jobs elsewhere. 

You would recall that several companies in the crypto and tech sector have undergone layoffs in recent times. For instance, Stripe, a payment processor, has sacked about 1,000 employees. Meta, the parent developer of Facebook and WhatsApp, announced the layoff of about 11,000 workers.

Similarly, Dapper Lab, a flow blockchain developer, has reduced its workforce by 22%. Digital Currency Groups, a venture capital firm, announced a 10% layoff. 

All these layoffs took effect in November and were attributed to the bear market. Coincidentally, the FTX collapse occurs mid-November. 

Conclusion 

Layoffs in the crypto ecosystem started when the price value of assets began to decline. Coincidentally, experts strongly believe the FTX collapse will have a negative impact on the jobs in the ecosystem. 

However, the full impact of the FTX crash is unknown, with events expected to unfold in the coming days. Industry players opine that aside from the layoff, every actor in the industry will feel the impact of the FTX collapse. 

You Might Also Like

Why Elon Musk Called for a Pause on AI Development

10 Top Crypto Airdrops for April 2023

SEC Head Gensler Seeks $2.4B to Fight Crypto Corruption

MetaMask Issues Warning on Fake Airdrop Rumors

9 Proven Ways to Secure Your Crypto Portfolio

TAGGED: Blockchain, Crypto Exchange
Share this Article
Facebook Twitter Email Copy Link Print
Previous Article Proof of reserves, VOC, Voice of crypto, Crypto, Kraken, FTX, Gate.io Proof of Reserves Published by Kraken, Coinbase and Others, What it Means?
Next Article VOC,Voice of Crypto, Ripple, XRP XRP Price Rallies After Judge Grants Ripple Amicus Brief Signal
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Binance

Follow US

Find US on Socials
Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Subscribe to our Newsletter

Get Newest Articles Instantly!

Ledger
Popular News
Web3 Shorthand
Web3 Shorthand: A Glossary for Crypto Newbies
Elon Musk AI Crypto
Why Elon Musk Called for a Pause on AI Development
Quick-Tips-To-Avoiding-A-Fake-Crypto-Wallet
Quick Tips To Avoiding A Fake Crypto Wallet

Follow Us on Socials

We use social media to react to breaking news, update supporters and share information

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Telegram
Voice of Crypto

Voice Of Crypto hits a beat with almost 15 million users, churning out the best news and content in the Web3, crypto and blockchain space

Subscribe to our newsletter

You can be the first to find out the latest news and tips about trading, markets...

  • Advertise With Us
  • About Us
  • Privacy Policy

Copyright © 2023 Voice of Crypto. All Rights Reserved

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?