"Hopefully the one who got fired can find another job, don't be unemployed."


ConsenSys, the Ethereum (ETH) development company that successfully created the MetaMask wallet acted to lay off 97 of its employees representing 11% of its total human resources, its founder Joseph Lubin reported on Wednesday yesterday.


However, the layoffs aren't targeting staff working on their company's products, but rather staff who are increasingly short of assignments due to recent weakness in the crypto market.


Even so, the laid-off workers will be compensated accordingly based on their respective service periods in addition to providing assistance from outplacement agencies and health care coverage.



Lubin also said that the crypto market is getting destroyed due to centralized finance (CeFi) coupled with companies that offer cryptocurrency services still not having enough knowledge about decentralized.


He further explained that companies such as Voyager and Celsius are facing bankruptcy following the mistakes of those who want to generate lucrative profits through fraudulent means but end up eating themselves.


To date, New York City-headquartered ConsenSys with more than 900 employees is among the crypto-based businesses that have had to lay off staff due to the bearish market.


Overall, the crypto market has so far been estimated to have lost 27,000 jobs after the price of the digital asset continuously suffered a drastic fall since April last year.