In case you have not noticed, the crypto universe seems to be laying off staff faster than Terra’s crash. In the first half of the year, multiple major players declared bankruptcy or succumbed to liquidations while others have been finding ways to survive by cutting costs where necessary. What was slashed then? Headcount.Devin Finzer, co-founder and CEO of OpenSea acknowledged in a note he shared in a tweet (see below) about laying off 20% of the team that "the reality is that we have entered an unprecedented combination of crypto winter and broad macroeconomic instability, and we need to prepare the company for the possibility of a prolonged downturn.”<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/7188171ed856469eb5ac6d506d1141d0.png">Devin Finzer, co-founder and CEO of OpenSea tweeted on 15 July that they are letting go of 20% of their team To say that the crypto winter or the bear market is harsh, is an understatement. Even as we come to the last quarter of the year, layoffs seem to be in full swing. Just in the past few days, a handful of large crypto firms have either reduced or intend to decrease their manpower.Based on Bloomberg’s report, the crypto financial services firm founded by Michael Novogratz, Galaxy Digital, is reportedly exploring eliminating "as much as 20% of its workforce against the backdrop of a digital-assets market downturn". According to people familiar with the matter, "the plan under consideration could still be changed and the final number could be in a range of 15% to 20%". Galaxy's spokesperson Michael Wursthorn had this to say about the latest development, "While our industry continues to face macroeconomic headwinds, Galaxy remains focused on building for the future state of institutional adoption, and on enhancing long-term shareholder value." Interestingly, Novogratz was a backer of Do Kwon's Terraform Labs. He acknowledged in July, that he was "darn wrong" about the magnitude of the leverage in the system.Cryptocurrency exchange and derivative trading platform BitMEX, has reduced its workforce though the extent of the layoffs was not revealed; a report stating that 30% of its staff had been let go was dismissed by a BitMEX spokesperson. "As an undesirable consequence, we had to make changes to our workforce. Our top priority is to make sure all employees who will be impacted have the support they require,”BitMEX mentioned in a statement. <img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/3c8f48ef2b50404caaae0a0aa7e145af.jpeg">The changes were made after the departure of CEO Alexander Hoeptner just last week. He had joined in late 2020 The staff at Digital Currency Group (DCG), a crypto venture capital company, was not spared either ─ as a part of its restructuring, about 13% of its staff were laid off. "We recently made a series of internal changes to position DCG for its next phase of growth, including a streamlining of our departments alongside several promotions on our leadership team," said a spokesperson. In case you are not aware, DCG is the parent company of CoinDesk, as well as Grayscale Investments and Genesis Trading ─ Genesis cut a significant number of its staff in recent months due to massive losses after Three Arrows Capital filed for bankruptcy.Dapper Labs, one of the NFT industry's biggest names, also announced two days ago that it is laying off 22% of its staff, citing "today's macroeconomic environment" as a reason. On-chain data shows that market interest in Dapper Labs' products is on a decline. Roham Gharegoziou, founder and CEO of Dapper Labs, explained in a blog post that "these reductions are the last thing we want to do, but they are necessary for the long-term health of our business and communities.”Just within the start of this month, there had already been a handful of such layoffs (or plans to cut). As of this year, the layoffs come in waves almost every month and the tide does not seem like it will turn anytime soon. Some of the more prominent cases include Crypto.com downsizing its headcount by 2,000 employees last month, Snap disbanding its Web3 team and laying off 20% of its staff in September; Robinhood slashing about 23% of its workforce in August; OpenSea laying off roughly about 20% of its staff in July; Coinbase cutting off about 1,100 employees in June; all these are just the tip of the iceberg.Does it look like the widespread layoffs this year across the crypto industry will terminate anytime soon or will it snowball into an avalanche? Only time will tell. By <a href="https://www.coinlive.com/author/detail/?id=43" rel="noopener noreferrer nofollow">Catherine</a> Follow us for more original content 💫 Check out our socials <a href="https://linktr.ee/coinlive" rel="noopener noreferrer nofollow">here</a>!

[Feature] Laying-Off Spree Sweeping the Crypto Industry. What’s Going on?

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