Crypto companies facing financial challenges

cryptocurrency businesses that have laid off employees, halted withdrawals, or declared bankruptcy

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The cryptocurrency sector is in utter disarray. Popular cryptocurrency tokens like Bitcoin and Ethereum have plummeted by roughly 70% from their record highs as a result of the financial crisis.

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Here are the famous crypto campanies that cut the jobs, stopped withdrawal or gone bankrupt.

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Celsius Network: Paused withdrawals, cut 150 jobs

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Vauld, a cryptocurrency platform, laid off 30% of its workers, the majority of whom were based in India. As the 2022 crypto winter takes its toll

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Deribit asserted Three Arrows failed to return $80 million due to financial difficulties at the hedge firm."

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Leading cryptocurrency exchange Coinbase said that, due to the recession, it will be cutting 1,100 employees, or 18% of its staff.

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According to BlockFi CEO Zac Prince, every team within the firm would experience a headcount decrease of about 20%.

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A second crypto-trading and lending exchange, Crypto.com, reduced its personnel by 20%. 170 to 200 workers were laid off as a result of the layoffs.

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It is true that the market is very bearish, but it is also a good time to buy coins like bitcoin, xlm or etherium, when they are cheap stablecoins are performing well

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also the bitcoin halving is upon us soon so the bull run will be insane in coming years

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