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Protocol Labs, Chainalysis and Bittrex Add To Crypto Layoff Season

Crypto Layoff

Crypto Executives suggested that the “very difficult” times forced them to Eliminate Positions to “Weather this extended” Crypto Winter.


Several Crypto Firms have made work cuts this week in the midst of the ongoing Crypto Winter, holding “Impactful” employees as they plan for a “longer slump.”

At least 216 positions were Slashed between Three Crypto Firms – open-source software laboratory Protocol Labs, blockchain data firm Chainalysis and U.S. Cryptocurrency Exchange Bittrex, with decreases of 89, 83 and 44 Employees Separately.

Juan Benet is the CEO of Protocol Labs, reported the work cuts in a blog entry on Feb. 3 stating that the company has needed to focus its headcount “against the most impactful and business critical efforts.”

He stated that the company’s decision to cut “89 roles,” approximately 21% of its workforce, was to guarantee it is strategically situated to “weather this extended winter.”

Benet suggested that the company must “plan for a longer slump,” given it has been an “incredibly difficult” time for the Crypto Industry.

In the interim Bittrex employees were informed by CEO Richie Lai over email on Feb. 1 that the company has made a decrease to its workforce to “Guarantee the drawn out viability” of the company.


The email was leaked via Twitter on Feb. 2, in which Lai stated that despite the leadership team “working forcefully” to decrease expenses and increase efficiencies throughout recent months, the efforts have not produced the “results essential.”

Washington State business data was reported on Feb. Bittrex cut 83 positions.The director of communications at Chainalysis told Forbes. “essentially in sales” at the company were given up, as 44 of its 900 employees, approximately 4.8% of the workforce, were slashed.

At least 2,900 staff were cut across 14 firms in January. Coinbase had the biggest layoffs among those firms, cutting 950 of its staff on Jan. 10. In the interim competitor exchanges, Luno and Huobi had decreases of approximately 500, 330 and 320 staff separately. Chainalysis and Bittrex yet didn’t receive a reaction when of Publication.

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