2. Workers in Limbo as Layoffs Continue, When will it end?
For many months, the crypto industry has now been familiarized with crypto stories of consistent layoffs. But when will layoffs end? That is a question that is yet to be answered.
Huobi is reportedly planning to lay off more than 20 per cent of its employees only within the first quarter of 2023. They are not the only crypto company announcing layoffs. The Block reported Genesis Trading would be starting a new round of layoffs involving about 30% of their workforce.
NFT platform SuperRare is the latest to say that they will announce the layoffs of about 30 per cent of their workforce. Most of the reasons for these layoffs were the bad bear market experienced in the crypto industry in 2022 and other regulatory issues.
