The crypto lender, BlockFi, was forced to part ways with 20% of its workforce one month ago. In the meantime, it seemed that better days were ahead of BlockFi, as the lender secured a $400 million loan and was in talks of being acquired by Sam Bankman-Fried and his crypto exchange FTX.
However, according to the company’s representative, BlockFi is now looking to further reduce its headcount. Rather than simply letting employees go, BlockFi is offering buyouts. The employees that resign will receive 10 weeks’ worth of salary and access to health insurance in that period.
BlockFi is just one in the long line of prolonged crypto winter victims. Their situation is similar to that of Celsius, another established crypto lender. As we reported, even after clearing most of its $1 billion debt, Celsius was forced to file for bankruptcy. Hopefully, BlockFi manages to stay afloat.