Tough economic conditions coupled with a drastic drop in cryptocurrency prices have led to massive layoffs in the blockchain industry.
Many in the crypto world have been glued to their screens, gazing intently at financial conditions this week. However, this is not the case for everyone, as thousands of people are suddenly faced with sudden unemployment.
Words of support and condolences also spilled over on Twitter and LinkedIn to comfort those who have been relieved of their duties. Some expressed disappointment, confusion and anger, while others expressed gratitude, new visions and reflections.
While recently fired talents take to social media to let the world know, several companies have risen to offer interviews to those in need.
Binance has been loud on social media by offering two thousand jobs to replace the thousands that were recently liquidated. The company’s CEO and president, Changpeng Zhao, or CZ, provided additional support to the newly established talent pool.
CZ continued, “While many projects and exchanges will fight the bear market, many will come back stronger than before. Those who honestly fail will start new projects and learn important lessons from the experience. That’s how the industry grows.”
Ripple (XRP) also offered opportunities through a tweet sent by its CEO, Brad Garlinghouse.
Cryptocurrency exchange Kraken has offered several conditional vacancies. For those who wish to join the company, a thirty-two page manifesto has been published outlining the company’s culture.
Several other companies have also tweeted offering new jobs.
Rob Behnke, CEO of Halborn Security, tweeted that marketing, sales, security, and HR opportunities are out of the question.
Over the past few days, token prices have plummeted, investment firms and exchanges have faced bankruptcy, and Bitcoin’s support of $23,000 continues to wane, with some even considering $8,000 as an incoming low. Many portfolios are in deep red as many investors seek to hedge their tax losses to ease their financial woes.
Hester Pierce’s criticism spurred the SEC on, and Mark Cuban offered some words of wisdom: “As [Warren] Buffett says, ‘When the tide goes down, you can see who’s swimming naked.’ I await with bated breath what will happen next.