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THE CRYPTO CULLING: Thousands of employees are getting the axe as companies face plunging valuations, scandals, and legal turmoil

Samantha DelouyaJan 15, 2023, 18:17 IST

Despite a rise in crypto prices so far this year, it's been a rough 2023 for the industry.FTiare/Getty Images

Major crypto companies, including Crypto.com, Coinbase and Genesis, have announced layoffs in 2023.
To make matters more complicated, the SEC just filed charges against two major players in crypto.

It's a cruel, cruel winter for the world of crypto.

The new year has barely begun, but so far, the pain that the cryptocurrency industry experienced in 2022 has shown no sign of slowing down: Thousands have been given the pink slip, and the Securities and Exchange Commission levied charges against two major players in the industry.

Here's a quick recap of what's already happened:

Two weeks of mass layoffs

CEO Brian Armstrong recently announced that Coinbase would lay off 20% of its staff.Patrick T. Fallon / Getty Images

FTX's fingerprints

Federal prosecutors have charged Sam Bankman-Fried with fraud, money laundering, and campaign finance violations.David Dee Delgado/Getty Images

Legal hurdles

The SEC sued Tyler and Cameron Winklevoss' company for offering and selling unregistered securities.Astrid Stawiarz/Getty Images