Consensys Slashes Workforce by 7%: Report
Main Idea
Consensys, the company behind MetaMask, is reducing its workforce by 7% due to uncertain market conditions and shifting priorities, following previous layoffs and legal challenges involving the SEC.
Key Points
1. Consensys is reducing its workforce by 7% (49 employees) due to uncertain market conditions and a shift in priorities.
2. This follows a previous restructuring that cut 20% of the workforce (approximately 160 employees), attributed to the SEC's 'abuse of power.'
3. In 2024, Consensys challenged the SEC's attempt to classify ETH as a security, which was resolved in favor of the company.
4. The SEC later targeted Consensys, along with other crypto firms like Coinbase and Binance, in legal actions.
5. The article mentions promotional offers from Binance and Bybit, but these are unrelated to the main content.
Description
Joseph Lubin’s cryptocurrency enterprise has undergone a recent personnel rearrangement, according to recent reports. In the last two years, Consensys has reduced its workforce by 38% amid institutional turmoil, legal battles, and macroeconomic setbacks. Further Restructuring Efforts According to Tuesday’s Bloomberg report , the company behind the MetaMask wallet will reduce its workforce by 7%, or 49 people, in an effort to increase profitability. A spokesperson of the company confirmed that th...
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