Approximately 23,600 employees lost jobs in the crypto sector as of Dec. 9, 2022. This figure represents the industry’s highest number of layoffs ever recorded within a year.

Coinbase ranks among the top on the list of firms with the highest layoffs in 2022, with about 1160 employees losing their jobs – 4.6% of the total crypto layoffs of the year.

Following closely is Kraken which laid off about 30% of its workforce, accounting for 1100 employees. Further, Bybit didn’t fall much behind as they carried out 1,020 layoffs.

Meanwhile, Amber Group, a digital asset firm, is next on the list, recording 800 discharges within the year. Notably, Huobi and Bitpanda were not unaffected, recording 300 and 270 layoffs, respectively. Others on the list include Snap, BlockFi, Gemini, and more.