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the sudden collapse of FTX rippled through the industry leading to other crypto bankruptcies and layoffs just last week crypto lender Genesis trading filed for bankruptcy and less than two months before blockfi announced it was filing for bankruptcy fast forward to January 2023 Genesis said it would lay off 30 of its Workforce as the company tried to Stave off bankruptcy silvergate Capital said that it faced more than eight billion dollars in withdrawals in the fourth quarter as investors spoked by the FTX collapse pulled out funds the crypto focused Bank said it would cut its Workforce by 40 percent to try and curb costs less than three weeks after ftxamp;#39;s implosion Kraken laid off more than 1 000 employees and less than a week after bigger rival Kraken cut its Workforce crypto exchanges Vivid and Swift X denounced layoffs both bybid and Swift X blamed the staff reductions on the crypto downturn caused by the FTX collapse
