Coinbase to axe another 950 jobs as crypto crisis deepens
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Coinbase Cuts Another 950 Jobs in Third Round of Layoffs in a Year as Crypto Crisis Deepens
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Crypto exchange Coinbase will cut 20 percent of its workforce as the crisis gripping the industry worsens.
The company is cutting 950 jobs as part of a restructuring plan. It is the third round of layoffs in a year, with the group cutting more than 60 jobs in November and 1,100 staff in June.
Coinbase said its company has enough money to continue, but admitted it has been hit by the fallout from “unscrupulous industry actors” and warned there could be “further contagion.”
Crypto Jobs: Coinbase is cutting 950 jobs as part of a restructuring plan. The group cut more than 60 jobs in November and 1,100 staff in June
The company also said it would halt several projects as part of its job cut program.
In November, rival exchange FTX collapsed and founder Sam Bankman-Fried was arrested the following month.
The former crypto prodigy has since been extradited to the US to face allegations that he orchestrated what officials have called “one of the biggest financial frauds in US history.” If found guilty, he could face up to 115 years in prison.
The collapse of FTX has led to calls for tighter scrutiny of the sector, sparking fears that companies like Coinbase could see their business limited.