Cryptocurrency trading platform Coinbase said Tuesday it was slashing 950 jobs, or just over 20 percent of its workforce, as the fallout from the collapse of industry giant FTX continues.

Coinbase CEO Brian Armstrong announced the cuts to the firm's 4,7000 strong workforce in a blog message in which he decried the "unscrupulous actors" that have hurt the emerging market for cryptocurrencies.

The layoffs follow the collapse of the FTX platform and arrest of founder Sam Bankman-Fried late last year which has put a black eye on the digital currency sector.

"Coinbase is well capitalized, and crypto isn't going anywhere," Armstrong insisted in his post addressed to employees.

He said that his company would ultimately be strengthened by recent events with a major rival gone and clearer rules from authorities on their way.

Coinbase had already cut 18 percent of its workforce in June, when the tremors hitting the cryptocurrency market first emerged.

The company joins a growing list of tech giants that have cut staff after a major hiring spree during the Covid pandemic, including Amazon, Meta, Salesforce and Twitter.

dh-arp/mlm

Coinbase

SALESFORCE.COM

Twitter

AMAZON.COM

Related Links
Satellite-based Internet technologies

Tweet

Thanks for being here; We need your help. The Space Media Network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceMediaNetwork Contributor $5 Billed Once credit card or paypal		SpaceMediaNetwork Monthly Supporter $5 Billed Monthly paypal only

Big Tech sued by Seattle schools over mental health 'crisis'
Washington (AFP) Jan 9, 2023
The public school district in the US city of Seattle has filed a lawsuit against big tech companies for allegedly causing mental harm, depression and anxiety among students. The complaint, which was filed on Friday, targets Meta-owned Facebook and Instagram, but also Google, Snapchat, YouTube as well as Chinese-owned TikTok. Public school officials said they are "holding social media companies accountable for the harm they have wreaked on the social, emotional, and mental health" of students. ... read more