OpenSea Cuts 20% of Workforce Over Crypto Winter Adderley
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July 15, 2022

NFT marketplace OpenSea has become the latest company to reduce its staff as the crypto market continues to stay far from its highs.

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OpenSea CEO, Devin Finzer, said in a tweet that the market has entered an "unprecedented combination of a crypto winter and broad macroeconomic instability, and we need to prepare the company for the possibility of a prolonged downturn."

"During this winter, we'll see an explosion in innovation across the ecosystem. And with the changes we've made, we're in a strong position to continue driving the space forward."

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OpenSea thus appeared as another "too big to fail" crypto company in the list of those who decreased their workforce in addition to Coinbase, Gemini, ByBit and many others.

The move comes just a month after US prosecutors charged a former employee at OpenSea, Nathaniel Chastain, with insider trading. Chastain was accused of using confidential information to buy 45 NFTs on 11 separate occasions before they were featured on OpenSea's main page.

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