ShapeShift Cryptocurrency Exchange Lays Off 37 Employees, CEO Calls Expansion Mistake60

The crypto winter has devastated companies in the industry, including ShapeShift. CEO Erik Vorhees confirmed on Jan. 10 the layoff of 37 employees in the well-funded startup, a third of the firm’s workforce.

The prolonged bear market of 2018 caused massive losses in revenue for most startups operating in the crypto space. While several have shut down entirely, a majority are laying off employees and restructuring their organization as a period of brisk growth in 2017’s crypto run-up proved unsustainable for the long-term.

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