The ruthless impact of 2022's bear market is still being felt, with at least 26,000 layoffs reported within the crypto industry.
that the layoffs did not have anything to do with the recent FTX saga, stating, “Funding for Bitcoin-backed loans has been materially constrained by recent market events.”
It is interesting to note that DCG subsidiary Genesis Global Trading is one of the key entities involved with the collapse of 3AC, a popular crypto hedge fund that was one of the first major casualties of the year. DCG’s Genesis Asia Pacific Ltd. had lent Three Arrows $2.4 billion, with the hedge fund putting down the equivalent of $1.2 billion in crypto and other collateral back in October.
“During the bull market, there are many businesses to attend to. Often exchanges work to introduce new business lines, which means it makes sense to hire more people, sometimes more than needed. But in a bear market, companies tend to focus on how to allocate capital more efficiently. When considering their potential ROI, it may not be the right timing for a new business line.”
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