Crypto Layoffs Hit Record Even As Adoption Grows

At least 60 crypto, Web3 and blockchain companies have announced layoffs in 2026, according to data from a crypto jobs tracker. The total is higher than the previous annual record of 38 companies in 2023. The tracker counted 29 companies announcing layoffs in 2022, 23 in 2024 and 18 in 2025. The 2026 figure covers announcements made so far this year and may increase.

The layoffs have been announced throughout the year. Companies including Pump.fun, Gnosis, Luno, Uphold, BitMart, BitMEX, Exodus, Polygon Labs, FalconX and AscendEX reported cuts in July.

More than 7,411 job losses have been publicly reported in 2026. The figure includes cuts at Block, the payments company founded by Jack Dorsey. In February, Block announced plans to reduce its workforce by more than 40%, from more than 10,000 employees to fewer than 6,000. Those cuts account for about 55% of the reported job losses in the dataset.

Excluding Block, the reported total falls to about 3,411 job losses, below the 3,810 cuts recorded in 2022. The figures do not include every reduction because some companies disclose only the percentage of employees affected. The tracker collects information from company announcements, news reports and community submissions.

Market conditions were the most frequently reported reason for layoffs. Of the announcements with a stated reason, 27 were linked to market conditions, 22 to restructuring and nine to artificial intelligence. Other companies cited regulation, acquisitions or did not provide a reason.

Coinbase CEO Brian Armstrong announced in May that the exchange planned to cut about 14% of its workforce. He cited weak market conditions and the ability of artificial intelligence tools to help employees complete more work.

The Ethereum Foundation announced in June that it would eliminate 54 positions, or about 20% of its workforce, in a restructuring. The organization planned to direct resources to its highest-priority work.

Layoffs have occurred alongside new hiring. A separate crypto jobs tracker recorded 7,500 open positions from 790 employers in August. Trading and engineering roles had stronger demand, while openings for smart-contract jobs fell by more than 52%. Community roles declined by 40%, and growth positions fell by more than 34%.

The data indicates that companies are reducing some departments while hiring for technical and trading roles. Some companies have cut marketing positions while adding engineers. Others have reduced staffing for routine work while hiring employees to develop and manage new products.

The tracker’s data covers public announcements and may not include unreported layoffs. Companies also use different methods to disclose workforce reductions, making comparisons between announcements difficult.