MetaMask Developer Consensys Announces 20% Layoffs, Impacting 160 Employees Amid SEC Litigation

Oct 29, 2024, 01:33 PM

Consensys, the developer behind MetaMask and a major player in the Ethereum ecosystem, has announced a 20% reduction in its workforce, impacting over 160 employees. The layoffs come amid challenging macroeconomic conditions and ongoing regulatory uncertainty. CEO Joseph Lubin cited the high costs of litigation with the SEC as a significant factor behind the decision. Lubin criticized the SEC's 'abuse of power,' stating that the regulatory battles have been financially draining for the company. The move aims to streamline operations and position Consensys for sustainable growth and innovation despite the current economic and regulatory landscape.