Filecoin Creator Protocol Labs Cuts 21% of Staff

Benet cited a "very difficult economic slowdown," especially for businesses in the crypto space as the reason for these cuts, This has compelled the company to reduce its costs in order to cope with the new environment, he said.

"high inflation leading to high interest rates, low investment and harder markets have shaken businesses and industries around the world," he wrote. "Macro winter has worsened crypto winter, which makes it more extreme and perhaps longer than our expected industry."

Protocol Labs will cut 89 positions in a number of teams, including services to businesses, members, network assets, and more. The blog did not say whether the team that was working on the coin was affected.

The crypto industry continues to be hit hard by layoffs, with almost 29,000 jobs cut since April.