Singapore tops cities with most crypto layoffs

Over 3,000 workers in the industry got laid off in a year.

The Lion City had the most crypto layoffs from February 2022 to February 2023, data from BitcoinCasinos showed.

Singapore, home to major firm Crypto.com, had 3,719 crypto layoffs.

BitcoinCasinos observed a spike in layoffs globally in June 2022 following the crash of Terra Luna and in November 2022 following the FTX collapse. 

In the first two months of 223, layoffs have reached 3,029, already over 30% of the total layoffs in 2022.

“The crypto market remains uncertain for both investors and workers as we move through early 2023. The recent layoffs may signal the end of the ‘crypto boom’ but not the industry itself. Whilst the recent news of big players folding and numerous firms cutting workforce numbers point to a downturn for the immediate future, most firms are just returning to their pre-boom size,” Liam Solomon, Growth Manager at Bitcoin Casinos commented.