Coinbase to axe 950 jobs amid crypto crisis

CRYPTO exchange Coinbase will slash 20pc of its workforce as the crisis gripping the industry deepens.

The firm will cut 950 jobs as part of a restructuring plan. It is the third round of layoffs in a year, with the group cutting more than 60 jobs in november and 1,100 staff back in June.

Coinbase said its business has enough cash to keep going, but admitted it has been hit by fallout from ‘unscrupulous actors in the industry’ and warned there could be ‘further contagion’.

The company also said it would shut down several projects as part of the job cuts programme.

In november, rival exchange FTX collapsed and the following month its founder Sam BankmanFried was arrested.

The former crypto wunderkind has since been extradited to the US to face allegations he orchestrated what officials have dubbed ‘one of the biggest financial frauds in American history’. If found guilty, he could be sent to prison for up to 115 years.

FTX’s collapse has led to calls for tougher oversight of the industry, sparking fears companies such as Coinbase could see their business constrained.