A report by crypto data aggregation platform CoinGecko found that the crypto space has laid off 4,695 employees so far in 2022 as of Nov. 13, accounting for 4% of all "tech start-up" layoffs. The report’s authors warned that layoffs in cryptocurrency could increase in the coming months when the “full impact” of FTX’s sudden collapse takes effect.

Recent layoffs in the industry include 1,000 layoffs at payment processor Stripe, 22 percent at Flow blockchain developer Dapper Lab, and 10 percent at venture capital firm Digital Currency. All layoffs took effect in early November. Galaxy Digital also plans to lay off 20% of its workforce on November 1. Coinbase laid off another 60 people on Nov. 10.