Since the birth of the encryption industry, the bull-bear cycle has continued to rotate. Whenever institutional funds poured in and Bitcoin hit new highs one after another, some radical investors shouted the slogan of "Long Bull". But no matter how optimistic people are about the market, the relentless crypto winter will eventually arrive.

And when the bull market turns bearish, the encryption winter will also invade every corner of the industry. Whether it is investors, start-up teams, or large encryption companies, they cannot avoid the impact of the bear market. Today's market has caused more and more teams to shrink expenses and fall into layoffs, and it has also forced some large industry players to curb their growth ambitions.

In total, the crypto industry lost about 26,062 jobs as of Nov. 30, 2022, according to CoinDesk.

Odaily translated the layoff list, the specific list is as follows:

November 30, 2022: Encryption exchange Kraken lays off 30% of its staff, about 1,100 people.

November 24, 2022: Argentinian cryptocurrency exchange Lemon Cash lays off 100 jobs, roughly 38% of its 296-strong workforce.

November 18, 2022: Bitcoin financial services company Unchained Capital lays off 15% of its workforce, estimated at 638.

November 10, 2022: Crypto exchange Coinbase lays off 60 people.

November 9, 2022: Meta cuts more than 11,000 jobs, an estimated 13% of its workforce.

November 4, 2022: Mythical Games, a Web3 game studio, will lay off 10% of its staff, estimated at 32 people.

November 3, 2022: Payments app Stripe lays off more than 1,000 jobs, or about 14% of its workforce.

November 2, 2022: Dapper Labs lays off 22% of its workforce, approximately 135 people.

November 2, 2022: Encryption exchange BitMEX lays off 20% of its staff, about 53 people.

November 2, 2022: Digital Currency Group lays off nearly 13% of its workforce, bringing total headcount to 66.

November 1, 2022: Encrypted financial company Galaxy Digital will lay off a fifth of its workforce, about 170 people.

October 13, 2022: Encryption trading firm NYDIG lays off approximately 33% of its workforce, approximately 110 people.

October 11, 2022: Market maker GSR cuts staff by 10%, estimated at 30 people.

October 6, 2022: Encryption exchange Crypto.com lays off 2,000 employees, accounting for about 30%-40% of the total number of employees.

October 1, 2022: WazirX, an Indian encryption exchange, has laid off about 40% of its staff, about 50 to 70 people.

September 23, 2022: After the Ethereum merger, Stakefish lays off 25% of its staff, about 8 people.

September 16, 2022: Fintech startup TrueLayer lays off 10% of its workforce, about 45 people.

September 1, 2022: Social media giant Snap disbands the Web3 team, laying off 20% of its workforce, or about 1,459 people.

September 1, 2022: The Brazilian crypto unicorn 2TM has a second round of layoffs, cutting 15% of its workforce, or about 100 people.

August 17, 2022: Crypto brokerage Genesis lays off 20% of its 260 employees.

August 11, 2022: Crypto mining company Core Scientific lays off 10% of its workforce.

August 2, 2022: Robinhood lays off 780 people, or about 23% of its workforce.

July 29, 2022: Cryptocurrency exchange CoinFLEX lays off 50%-60% of staff.

July 21, 2022: Blockchain.com lays off 25% of its workforce, approximately 150 people.

July 14, 2022: OpenSea lays off approximately 20% of its workforce.

July 7, 2022: Compass Mining cuts 15% of its workforce and reduces executive pay.

July 5, 2022: Crypto exchange Bullish.com reportedly lays off about 10% of its workforce.

July 4, 2022: Crypto lender Celsius cuts 150 jobs in restructuring.

July 1, 2022: Cosmos developer Ignite lays off more than 50% of its staff, according to former employees.

June 28, 2022: Huobi Global may lay off more than 30% of its workforce.

June 27, 2022: Australian cryptocurrency exchange Banxa cuts 70 jobs.

June 24, 2022: European crypto exchange Bitpanda lays off 270 employees.

June 20, 2022: Bybit will lay off 30% of its workforce.

June 14, 2022: Coinbase lays off approximately 1,100 employees.

June 13, 2022: Crypto.com and BlockFi will lay off over 400 people.

June 3, 2022: Brazilian crypto unicorn 2 TM company lays off more than 80 employees.

June 2, 2022: Middle Eastern crypto exchange Rain reportedly laid off dozens of employees.

June 2, 2022: Gemini lays off 10% of its workforce.

May 26, 2022: Latin American crypto exchange Bitso lays off 80 employees.

May 24, 2022: Argentinian cryptocurrency exchange Buenbit lays off 45% of its staff, about 80 people.

April 4, 2022: Crypto exchange BitMEX lays off 75 people.

In the more than ten years that the encryption industry has spent, the bull-bear cycle has strongly affected practitioners. As a special asset class, cryptocurrency has high returns but also corresponds to huge fluctuations and risks. Many experienced investors believe that real wealth is created in bear markets.

For participants, whether they are institutions or individuals, project parties or practitioners, the most important thing in a bear market is to strive to survive. If you disappear into the bear market, you will not be able to feel the next spring.

After the reshuffle, the encryption industry will still exist, grow and move forward. Unfortunately, not every project will be successful.