Crypto layoffs decelerate, with layoffs falling to 570 in February
Crypto industry layoffs appear to have slowed down significantly over the past month with an estimated 570 crypto employees dismissed in February, down from an estimated 2,850 in January.
Cointelegraph compiled the figures based on publicly reported layoffs and found job cuts were spread across at least 12 companies over the 28-day period, but noticeably lacked the triple-digit crypto exchange layoffs compiled in January, such as those from Coinbase, Crypto.com and Huobi.
Instead, staff cuts came in the double-digits for the most part — impacting blockchain analytics firms, blockchain and software development firms, and digital asset platforms among others.
The most recent layoffs came from crypto analytics firms Elliptic and Messari, which cut 10% and 15% of staff, respectively.
Messari founder, Ryan Selkis, tweeted on Feb. 23 that the staff cuts were due to “market headwinds” and a restructuring of their internal teams. It is estimated to have impacted around 27 employees.
1/ Yesterday we made the difficult decision to restructure several of Messari’s internal teams, leading to a 15% staff reduction.We're grateful for the contributions of the teammates we have parted ways with, and will provide resources and connections to help them transition.
Meanwhile, an Elliptic spokesperson told DLNews on Feb. 24 that the decision to lay off 20 employees was a move to tamp down operating expenses.
It follows news from earlier in the month, when Chainalysis, another blockchain analytics company, revealed it had laid off 44 of its 900 employees, representing 4.8% of its workforce “primarily in sales.”
Neil Dundon, an Australia-based crypto recruiter told Cointelegraph “the spike in layoffs is a macro event not just in Web3 but tech in
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