Sweeping layoffs, hiring and firing as crypto prices take a massive downturn

Many in the crypto world have been glued to their screens with eyes dead set on financial conditions this week. That isn’t the case for everyone though, as thousands are suddenly experiencing thewoes of sudden unemployment.

Words of encouragement and sympathy also poured out across Twitter and LinkedIn consoling individuals released from their responsibilities. Some expressed frustration, confusion and anger while others expressed gratitude, renewed vision and reflections.

My heart is with those recently laid off. I too have been one of the lucky ones to be spared by massive layoffs on days where friends have been let go. This privileged situation has its own anxiety, displacement and upheaval. Sorry you're going through this moment.

— Matt Murray (@vintageneon) June 16, 2022

As recently laid-off talent takes to social media to let the world know, multiple companies have stood up to offer job interviews to those in distress.

Binance has been vocal across social media, offering two thousand jobs to replace the thousands that were recently dissolved. The company's CEO and president Changpeng Zhao, or CZ, provided additional support to the freshly made available talent pool.

It was not easy saying no to Super bowl ads, stadium naming rights, large sponsor deals a few months ago, but we did.Today, we are hiring for 2000 open positions for #Binance. pic.twitter.com/n24nrUik8O

— CZ Binance (@cz_binance) June 15, 2022

CZ went on to say, “While lots of projects and exchanges are going to struggle through the bear market, many will come back stronger than before. Those that fail honestly, will start new projects and bring critical learnings from this experience. This is how an industry grow[s].”

Ripple (XRP) also offered opportunities via a tweet sent from their CEO, Brad Garlinghouse.

Ripple is hiring for hundreds of roles around the globe – both in person and remote. Fair warning - we have a “no assholes” policy here. If that’s the kind of culture you’re looking for, apply here https://t.co/49kPgUOMpR https://t.co/IZl4wskYFp

— Brad Garlinghouse (@bgarlinghouse) June 16, 2022

Crypto exchange Kraken stepped in offering somewhat conditional employment opportunities. A thirty-two-page manifesto outlining the company's culture was released for interested parties looking to join the company.

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

Unfortunately several crypto exchanges announced big layoffs recently: - @coinbase 18%- @Gemini 10% - @cryptocom 5%- @BlockFi 20%Despite all this several of our hiring partners are still looking for devs: Rust, Solidity, React, NodeJS... ✉️ DMs are open! #hiring

— CryptoCareers | Hiring Web3 Devs (@_cryptocareers) June 14, 2022

Rob Behnke, CEO of Halborn Security, tweeted with fully remote opportunities in marketing, sales, security engineering and HR.

To those affected by the $COIN Coinbase, BlockFi or general web3 layoffs: @HalbornSecurity is hiring Marketing, Sales, Security Engineering, HR and much more! 100% Remote!https://t.co/UnvgyLwT9j

— //Rob Behnke (@robbehnke) June 14, 2022

In recent days, token prices have taken a dive, investment firms and exchanges are facing insolvency, and Bitcoin’s support at $23,000 continues to waiver with some even eyeing $8,000 as the incoming low. Many portfolios are deep red as scores of investors look to hedge their tax losses as a means to aid in numbing their financial pain.

Criticism from Hester Peirce roasted the SEC, while 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 baited breath for what will occur next.