- Recent data from Layoffs.fyi reveals that in 2023, a staggering 261,847 individuals were laid off by tech companies.
- This figure represents an alarming 59% increase from the number of layoffs recorded in 2022.
- The repercussions of these job cuts have been particularly felt in the cryptocurrency sector, where professionals have experienced salary reductions, increased workloads, and the constant fear of future layoffs.
According to a report by CoinWire, in 2023 alone, 1,179 tech companies terminated the employment of 261,847 workers, significantly impacting the cryptocurrency industry.
By contrast, the number of layoffs in 2022 amounted to a considerably lower figure of 164,969, demonstrating a stark 59% decrease from the following year.
It is worth noting that both startups and major industry players were affected by this wave of mass layoffs. For instance, Microsoft let go of 11,000 employees, Amazon 18,000, and Meta saw 10,000 job cuts in the initial wave, followed by an additional 4,000.
The consequences of this trend have been particularly evident in the Web3 sector, as highlighted by a report on CoinWire. Their research indicated that approximately three out of four professionals within this field experienced a reduction in their salaries.
Additionally, the CoinWire report revealed that 75% of the 500 respondents are planning to seek employment elsewhere in 2024, with estimated job transitions taking one to three months to complete.
About half of the professionals surveyed stated that they were compelled to take on additional responsibilities due to a shortage of specialists in the field. An equal number expressed concerns regarding the possibility of future layoffs.