Kraken Lays Off Over 1,000 People as Crypto Winter Wears On

Departing Kraken CEO Jesse Powell is taking 30% of the company with him.


Blockworks exclusive art by axel rangel


Kraken CEO Jesse Powell has announced that around 30% of the company’s staff will be laid off as a direct result of the ongoing crypto winter, a bear market that has claimed major companies and thousands of jobs across the globe.

Powell noted in a Kraken blog post that “This reduction takes our team size back to where it was only 12 months ago” and described the move as necessary because “negative influences on the financial markets have continued and we have exhausted preferable options for bringing costs in line with demand.”

CoinGecko lists Kraken as the fifth-largest crypto exchange by volume, with a 24-hour volume of over half a billion dollars.

The 11-year old crypto exchange offered 16 weeks of pay to staff who were laid off, as well as an extension of a window to exercise vested stock options and immigration support for those who need it.

Powell, the co-founder of Kraken who recently announced that he would be leaving the role of CEO, gained a reputation within the crypto industry as a pugnacious but caring employer who believed strongly in the original philosophical tenets of cryptocurrency.

“I’m confident the steps we are taking today will ensure we can continue to deliver on our mission which the world needs now more than ever before,” he said.

Kraken previously announced in June 2022 that “We have not adjusted our hiring plan, and we do not intend to make any layoffs.” In a passionate Twitter thread on November 10, following the FTX meltdown, Powell said “I pray that we don’t lose our people, like we did in the wake of Gox.”

Loading Tweet..

Blockworks has reached out to Kraken for comment.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Frax report cover.jpg


Frax saw continued development in its frxETH liquid staking derivative and Fraxlend money market throughout 2023. Frax V3 introduces an RWA strategy to drive utility to the protocol's cornerstone product, the FRAX stablecoin.


Following layoffs at BAYC parent Yuga Labs and OpenSea, Tiger Global marked down its stakes


Recent SEC filings suggest the regulator could be lining up the approval of multiple proposals in early January, segment observers argue


A dinner back in September gave big traders a heads up about the DOJ settlement, Bloomberg reported


On-chain debt capital markets platform deploys on Coinbase-incubated layer-2 after structured investment products push


Past performance is not indicative of future results, sure, but no need to rain on the bitcoin price parade just yet


Circle’s letter follows one from the Campaign for Accountability alleging ties to Justin Sun and TRON