FUD is a term used in the community for fear, uncertainty, and doubt, and it is causing quite a lot of reviled FUD, not only among investors but also inside the companies. Around 170 people were slashed from BlockFi's staff of 850.
The company's co-founders said in a post that the cuts are affecting every team. Kris Marszalek, the CEO of Crypto.com, said last Friday that they were cutting 260 workers.
Staff are told to hit the road by other people. Around 100 employees were cut from the staff of the company. Nobody is able to keep warm in the fall of the Terra/Luna system.
The founders wrote in their post that they are doing everything in their power to treat all of their colleagues with kindness and respect. The company is cutting spending on marketing and executive pay, but they didn't say how much. Users and clients shouldn't see any changes to their services, according to the founders.
The companies blamed the current market conditions, but it's not clear if the most recent news had anything to do with the cuts. A new wave of selloffs caused the price of multiple currencies to fall. The situation became worse because of the "extreme market conditions" that prompted some exchanges to stop all withdrawals. The price of the digital currency went from $69,000 to $24,000 in less than a year.
The decline hasn't done anything for investors' mental health, especially for the people who put millions of dollars into the exchange.
It may have been bad timing for BlockFi to announce layoffs. The company went onto the social networking site and said they had nothing to do with the platform that decided to hold onto the currency.
The companies are confident that things will get better. They are committed to the long haul, according to the Block Fi founders.
Marszalek wrote that the company with 50 million users will be at the top of the heap when the markets turn.
It's a far cry from when the company was promoting digital currencies with guest appearances from famous Bostonians, telling people in a Superbowl commercial that "Fortune favors the brave." When times are tough, any company needs to put a brave face on, but the industry in particular needs to be optimistic in order to secure investment and grow the price ofcryptocurrencies.
All Rights Reserved © 2024
