Cryptocurrencies and the stock market have been hammered by deteriorating economic conditions so far this year, between a recession potentially looming, sky-high inflation and a Federal Reserve that’s poised to further cool down the economy by raising interest rates.

The worsening outlook towards the economy has led companies to cut back on hiring or shrink operations in an attempt to better manage costs and protect profits. In early June, Tesla CEO Elon Musk said he has a “super bad feeling” about the economy in an email to company executives and stated 10% of salaried employees at the company would need to lose their jobs, according to reporting from Reuters. 

The sense of pessimism has led to similar cuts among companies in the world of crypto, but not all, with some currently hiring and feasting amid the carnage.

Who’s firing?

Gemini

Gemini Trust Co., owned by billionaires Tyler and Cameron Winklevoss, was among the first of crypto titans to announce it was firing employees. On June 2, the company said in a blog post it would be cutting approximately 10% of its workers, citing “turbulent market conditions that are likely to persist for some time.”

Coinbase

Coinbase, meanwhile, announced a hiring freeze that saw job offers rescinded from employees it had already reached agreements with. The company would later state the need to lay off 1,100 of its workers and prepare for an “extended” crypto winter, slashing its workforce by 18% because it “over-hired” during the previous bull run in crypto markets.

BlockFi

BlockFi CEO Zac Prince declared the…


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