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Crypto layoffs – Singapore the city with most job losses (3,719)

Liam Solomon

Polygon and Dapper Labs recently announced the layoffs of 20% of their staff and with no end in sight for mass restructurings in the crypto space, Bitcoincasinos.com have taken a look at the state of crypto company layoffs over the last year.

Number of crypto layoffs from February 2022 – February 2023: 


Month, Year  Number of crypto layoffs
February 2022 0
March 2022 0
April 2022 75
May 2022 160
June 2022 3,085
July 2022 607
August 2022 166
September 2022 210
October 2022 2,305
November 2022 2,993
December 2022 641
January 2023 2,664
February 2023 365


The data shows a spike in layoffs in June 2022 following the crash of Terra Luna as well as another spike in November 2022 following the FTX collapse, with both months’ layoff numbers jumping well above the 1,020 monthly average. 

In the first two months of 2023 alone, crypto layoffs have reached 3,029, which is just over 30% of the total layoffs in 2022 – potentially putting 2023 on track to far surpass the layoffs of 2022. 

The 10 cities with the most crypto layoffs: 


City Country No. of layoffs
Singapore Singapore 3,719
SF Bay Area United States 3,454
New York City United States 1,754
Austin United States 630
London United Kingdom 606
Beijing China 575
Vienna Austria 270
Miami United States 235
Berlin Germany 215
São Paulo Brazil 190


Singapore, San Francisco and New York City are the cities who have been hardest hit by crypto layoffs over the last year. 

Singapore took first place with 3,719 crypto layoffs, owing mainly to the small island being the home of major firm Crypto.com, who made mass layoffs in 2022 and 2023 totalling an estimated 2,750 employees. 

Liam Solomon, Growth Manager at Bitcoin Casinos commented:

“The crypto market remains uncertain for both investors and workers as we move through early 2023. The recent layoffs may signal the end of the ‘crypto boom’ but not the industry itself. Whilst the recent news of big players folding and numerous firms cutting workforce numbers point to downturn for the immediate future, most firms are just returning to their pre-boom size.

As with other start-ups, businesses and entities made from shaky foundations aren’t likely to succeed. Fad offerings and trendy job roles will be shed by companies but the useful, valuable roles within crypto will become even more important.

Skills in marketing, tech, UX, accounting and even compliance are likely to grow in demand – so workers unsure of their future would be smart to look into more ‘traditional’ roles if they wish to continue their crypto careers.”


The study analysed layoffs at cryptocurrency companies that were publicly reported between 1st February 2022 and 23rd February 2023. The data was taken from Layoffs.fyi and other publicly available reports. 

Liam Solomon

Liam is a content writer for Bitcoin Casinos. He has 7 years of experience writing articles on trending topics including sports and finance. Liam has a passion for analysing trending data and has had his data shared in publications including New York Times, BBC and 1000's more. He started working on BitcoinCasinos.com one year ago and provides all kinds of details for users interested in playing at crypto casinos.