BlockFi layoffs — Nov 28, 2022

BlockFi warns of job cuts on Nov. 28, 2022 after selling $239 million in crypto

BlockFi warned employees of job cuts on November 28, 2022, shortly before filing for bankruptcy, according to Google News coverage of the event. The fintech company had recently sold $239 million worth of cryptocurrency as it moved through a period of financial stress.

The company did not disclose how many jobs would be cut, and it did not provide a percentage of its workforce affected. The announcement came as BlockFi faced worsening market conditions and broader turbulence across the crypto industry.

BlockFi is a fintech company focused on crypto-related financial services. The layoff warning followed a series of developments that underscored the pressure on the business, including the sale of crypto assets before its bankruptcy filing.

No direct quotes from company officials were included in the source material provided. The company’s outlook at the time was tied to its restructuring and bankruptcy process, with no further details disclosed in the source.

Sources: Google News