{"id":15119,"date":"2022-11-15T06:28:49","date_gmt":"2022-11-15T06:28:49","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/ftx-collapse-could-see-crypto-sector-layoffs-accelerate\/"},"modified":"2022-11-15T06:28:51","modified_gmt":"2022-11-15T06:28:51","slug":"ftx-collapse-could-see-crypto-sector-layoffs-accelerate","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/ftx-collapse-could-see-crypto-sector-layoffs-accelerate\/","title":{"rendered":"FTX collapse could see crypto sector layoffs accelerate"},"content":{"rendered":"<p><\/p>\n<div data-v-e13e51fa=\"\">\n<p>The fall of crypto exchange FTX and potential resulting contagion could lead to an acceleration of crypto-company layoffs in the coming months, recruitment specialists warn.<\/p>\n<p>A Nov. 14 report from crypto data aggregator platform CoinGecko found that as of Nov. 13, the crypto space has seen 4,695 employees let go in 2022 so far, presenting 4% of staff cuts across all \u201ctechnology startups.\u201d <\/p>\n<p>However, the authors of the report warn that crypto layoffs could increase in the coming months when the \u201cfull impact\u201d of FTX\u2019s sudden collapse takes effect: <\/p>\n<blockquote><p>\u201cWith the collapse of FTX since November 2 and its full impact on the cryptocurrency space still unfolding, further cryptocurrency layoffs may occur in the months to follow.\u201d<\/p><\/blockquote>\n<p>Speaking to Cointelegraph, CryptoRecruit founder Neil Dundon argues that while FTX\u2019s events will cause some layoffs, it hasn\u2019t changed the broader trend that crypto recruitment follows crypto prices.<\/p>\n<p>\u201cLayoffs have been consistent effectively following the same trend as crypto prices. FTX hasn\u2019t changed that broader trend albeit a tragic event,\u201d he said, adding: <\/p>\n<blockquote><p>\u201cThere will be layoffs because of it but that will present opportunities for good projects to scoop up good talent which we are collecting.\u201d<\/p><\/blockquote>\n<p>Kevin Gibson, the founder of recruitment firm Proof of Search was less optimistic, sharing that he had one candidate that was due to start employment today but had his offer \u201cpulled\u201d during the first call with the company. <\/p>\n<p>Gibson said it was hard to comment on how the FTX collapse will shake out as it\u2019s \u201cchanging daily\u201d but said his candidate\u2019s experience \u201cwill not be an isolated incident.\u201d<\/p>\n<p>Companies across the crypto sector have already undergone a number of layoffs throughout the year as a result of the market downturn. <\/p>\n<p>Among the most recent staff cuts in the industry include payment processor Stripe\u2019s layoff of 1,000 employees, Flow blockchain developer Dapper Lab\u2019s 22% cut, and venture capital firm Digital Currency Group\u2019s 10% layoff. All layoffs took effect in early November.<\/p>\n<p>Digital asset-focused investment firm Galaxy Digital was also reported to be eyeing off a 20% cut on Nov. 1. <\/p>\n<p>Coinbase is understood to have cut another 60 staff on Nov. 10, according to Yahoo Finance.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Tech talent migrates to Web3 as large companies face layoffs<\/em><\/strong><\/p>\n<p>The latest CoinGecko report follows an earlier Nov. 4\u00a0report\u00a0which looked into the cities most impacted by cryptocurrency layoffs. <\/p>\n<p>At the top of the list was San Francisco \u2014 home to Silicon Valley, one of the world\u2019s largest technology and innovation hubs \u2014 which was followed by Dubai, New York City and Singapore. <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The fall of crypto exchange FTX and potential resulting contagion could lead to an acceleration of crypto-company layoffs in the coming months, recruitment specialists warn. A Nov. 14 report from crypto data aggregator platform CoinGecko found that as of Nov. 13, the crypto space has seen 4,695 employees let go in 2022 so far, presenting [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15120,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[42],"tags":[],"class_list":["post-15119","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FTX collapse could see crypto sector layoffs accelerate | NFT &amp; Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nftandcrypto-news.com\/crypto\/ftx-collapse-could-see-crypto-sector-layoffs-accelerate\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FTX collapse could see crypto sector layoffs accelerate | NFT &amp; Crypto News\" \/>\n<meta property=\"og:description\" content=\"The fall of crypto exchange FTX and potential resulting contagion could lead to an acceleration of crypto-company layoffs in the coming months, recruitment specialists warn. 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