On June 10, Crypto.com announced they would be “making targeted reductions” of 260 people, amounting to around 5% of their workforce. On June 13, BlockFi announced that they were in “the gut wrenching position of needing to reduce our headcount” by around 20%. BlockFi has around 850 staff, suggesting they plan to lay off 170 people.These announcements followed a June 2 layoff announcement by Gemini and the announcement by Coinbase that same day that they would be rescinding already-accepted job offers.Rumors of a downturn across the tech industry more broadly have been swirling for several months, but crypto companies appear to be being hit particularly hard as they simultaneously endure “crypto winter”.