Coinbase to Lay Off 18% of Staff Amid Crypto Meltdown

Biggest U.S. cryptocurrency exchange has struggled to keep users this year; meanwhile, crypto lender Celsius Network hires restructuring attorneys.

Further waves of reckoning swept through the cryptocurrency industry Tuesday, with exchange company Coinbase Global Inc. saying it would cut almost a fifth of its staff and crypto lender Celsius Network LLC hiring a law firm to examine restructuring options.

Coinbase, one of the signal growth companies of the crypto boom, said it was slashing its workforce by 1,100 employees, or about 18% of its staff, because the company had grown too quickly and a potential recession “could lead to another crypto winter.”