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Massive recession in cryptocurrency results in immense layoffs, dismissals

  • News
  • June 18, 2022
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The devastating fall in crypto prices with the harsh economic conditions has led to massive cuts in the blockchain industry.

Many in the crypto world have been blindsided by the financial situation this week.  Although this is not the case for everyone, as thousands suddenly suffer from unemployment.

Words of encouragement and sympathy console those released from their responsibilities across Twitter and LinkedIn.  Some have expressed frustration, confusion, and anger, while others have expressed gratitude, new vision, and reflection.

With the recently departed talent taking to social media to inform the world, multiple companies have stood up to give job interviews to people in distress.

Binance has been vocal across social media, offering two thousand jobs to replace the thousands that have recently dissolved.  The company’s CEO and president, Chang Peng Zhao, or CZ, has provided additional support to the newly created talent pool.

Ripple (XRP) also announced vacant opportunities via a tweet sent by their CEO, Brad Garlinghouse.

Crypto exchange Kraken has taken steps to provide some conditional employment opportunities.  A thirty-two-page manifesto outlining the company’s culture was published for those interested in joining the company.

Several other companies sent out tweets offering fresh employment opportunities as well.

Halborn Security CEO Rob Behen tweeted about a completely remote opportunity in marketing, sales, security engineering, and HR.

In recent days, token prices have fluctuated, investment firms and exchanges have gone bankrupt, and support for Bitcoin at $ 23,000 has continued to decline, with some even looking at $ 8,000.  Many portfolios are deep red because many investors want to hedge their tax losses as a way to alleviate their financial pain.

Criticism of Hester Pierce roasted the SEC when Mark Cuban offered some words of wisdom,, “Like [Warren] Buffett says, ‘When the tide goes out, you get to see who is swimming naked.’” Job seekers, investors and crypto enthusiasts can only wait with bated breath for what will occur next. 

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