The crypto industry is experiencing significant layoffs, with major firms restructuring their workforce. Consensys has reduced its staff by over 20%, affecting 162 employees, as confirmed by CEO Joe Lubin. Kraken is also reportedly laying off approximately 15% of its workforce, almost 400 employees, following a previous cut of 1,100 in November 2022 due to unfavorable market conditions. Decentralized exchange dYdX announced a 35% reduction in its staff, as the returning CEO Antonio Juliano indicated a need for a new direction. Nova Labs, creator of Helium Mobile, cut 36% of its workforce, focusing on its core cellular business. Meanwhile, Coinbase shares fell after Q3 earnings failed to meet expectations, with revenues of $1.13 billion missing the anticipated $1.26 billion. Additionally, Reddit sold a substantial portion of its Bitcoin and Ether holdings, totaling $6.87 million, and Kraken is undergoing a managerial shakeup with a new co-CEO. Circle has increased fees for cashing out USD Coin, particularly impacting institutional investors.

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