Cryptocurrency startup faces 'death spiral'

 The mass layoffs of crypto companies are seen as a harbinger of a period worse than the coming "winter"







The latest victims are companies related to the cryptocurrency sector, with a wave of layoffs being described as "carnage". On June 14, the largest cryptocurrency exchange in the US Coinbase said it had abruptly laid off 1,100 employees: cut their access to email accounts and locked them out of the company's Slack channel. This exchange also canceled more than 300 job offers previously made.

A day earlier, two platforms BlockFi and Crypto.com also lost hundreds of jobs. Another crypto exchange, Gemini, also laid off 10% of its staff earlier this month. Collectively, more than 2,000 employees of crypto startups have lost their jobs since the beginning of June.

The wave of layoffs in the cryptocurrency sector just happened to be the opposite of the previous "pamperinAg". In 2021, crypto companies are the darlings of venture capitalists. After Coinbase made a successful IPO, other companẮies also stepped up reAcruitment with similar ambitions.
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