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Despite the rise in crypto prices this year, it’s been a rough 2023 for the industry.FTiare/Getty Images

  • Major crypto companies, including, Coinbase, and Genesis, have announced layoffs in 2023.

  • To make matters even more complicated, the SEC just filed charges against two major players in the crypto industry.

  • Despite recent turmoil, the prices of major cryptocurrencies such as Bitcoin and Ethereum have rallied this year.

It’s been a rough, rough winter for the crypto world.

The new year has barely begun, but so far the cryptocurrency industry’s 2022 pain has shown no sign of slowing down. Industry:

Here is a quick summary of what has already happened.

Two weeks of massive layoffs

Brian Armstrong, CEO of Coinbase.

CEO Brian Armstrong recently announced that Coinbase will be laying off 20% of its staff.Patrick T. Fallon/Getty Images

In early January, several major companies in the cryptocurrency industry, such as Genesis, Coinbase,, and, announced plans to significantly reduce their workforce. For some of these companies, such as and Genesis, this is the second round of layoffs in a short period of time, following earlier layoffs over the summer due to falling cryptocurrency prices.

In recent layoff announcements, some companies hinted at “rogue actors,” while others directly addressed the elephant in the room: FTX’s bankruptcy.

Fingerprints of FTX

Sam Bankman-Fried

Federal prosecutors have charged Sam Bankman-Fried with fraud, money laundering and campaign finance violations.David Di Delgado/Getty Images

Indeed, the spectacular implosion of Sam Bankman-Fried’s company in November caused ripple effects that still hurt the industry.

Crypto investors are still unable to withdraw some assets from crypto exchanges such as Gemini, and there is a growing mistrust of centralized exchanges among average investors.

Legal barriers

Entrepreneurs Tyler Winklevoss and Cameron Winklevoss discuss Bitcoin on FOX Business' Mornings With Maria.  TV program on December 11, 2017.

The SEC sued the firm of Tyler and Cameron Winklevoss for offering and selling unregistered securities.Astrid Stawiarz/Getty Images

To make matters worse, the SEC on Friday accused cryptocurrency companies Genesis and Gemini, founded by the Winklevoss twins of Facebook fame, of illegally offering unregistered securities for sale. The charges come after SEC Chairman Gary Gensler faced criticism from some investors for failing to protect FTX from alleged abuses.

While some leaders in the crypto world, such as the CEOs of Coinbase and Ripple, they asked In the past, calls for more regulation around crypto trading have not gone down well with Gemini CEO Tyler Winklevoss, who has been criticized The SEC’s actions were described as “completely counterproductive” on Twitter.

Despite the current turmoil in the industry, with some analysts questioning how much more strain the industry can bear, cryptocurrency prices are doing relatively well; both Bitcoin and Ethereum prices have risen by double-digit percentages since the beginning of the year.

Read the original article on Business Insider


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