Since 2026, the wave of layoffs in the crypto industry has swept through nearly all major players. Coinbase announced in May that it would lay off about 700 employees, accounting for 14% of its global workforce, with severance costs estimated between $50 million and $60 million. CEO Brian Armstrong stated in an email to employees that the company must become 'lean, fast, and AI-native.' Gemini announced in February that it would cut up to 25% of its workforce, approximately 200 people, and exit the UK, EU, and Australian markets, scaling back operations to only the US and Singapore. By the end of March, its total workforce had been reduced by about 30%. Robinhood cut approximately 10% of its full-time staff in June, affecting nearly 290 positions. BitGo laid off nearly 15% of its workforce, around 90 employees, in June, shifting its focus to stablecoin settlements and AI infrastructure. Kraken's parent company Payward reduced its workforce by about 150 employees in May, roughly 5% of its total staff. Dune Analytics announced a 25% workforce reduction. According to public layoff tracking by CryptoJobsList, the crypto/Web3 industry disclosed over 5,018 layoffs across 26 companies in 2026. Additional data shows that in the first half of 2026, the crypto industry had only 2,932 active job openings, a drop of over 97% compared to the peak in 2022.