Crypto Winter Will Last 'At Least Another Year' Says Founder of Crypto Firm Which Just Laid Off 40% of Its Workforce
Source: AdobeStock / Alexey Octopus Network , a multichain cryptonetwork built on NEAR Protocol , has laid off some 40% of the core team and lowered pay for the rest due to the ongoing crypto winter - a cold wave that will not be ending for at least another year, argued the project's founder Louis Liu. The string of companies announcing layoffs in the cryptoworld, citing the prolonged sour market conditions, is only getting longer. Among the latest is Octopus Network which announced a set of restructuring measures and what it named the ‘Voluntary Separation Program’. As part of this program, 12 of 30 members of the core team would leave the project and would be given "proper compensation." And that's not all the cuts they're making. The announcement penned by the project founder stated that, "The remaining team members will accept a 20% salary cut, and the team token incentive will be suspended indefinitely." This measure was necess...