MetaMask Developer Consensys Cuts 162 Jobs as CEO Lubin Blasts SEC's "Abuse of Power"

Oct 29, 2024, 01:46 PM

Consensys, a leading Ethereum software provider and the developer behind MetaMask, announced it is laying off 20% of its workforce, eliminating approximately 162 positions. CEO and Ethereum co-founder Joseph Lubin cited challenging macroeconomic conditions, ongoing regulatory uncertainty, and costly legal battles with the U.S. Securities and Exchange Commission (SEC) as key factors behind the decision. Lubin accused the SEC of "abuse of power," noting that litigation expenses have reached millions of dollars. The company aims to streamline operations, narrow its focus, and position Consensys for sustainable growth and innovation amid a difficult regulatory landscape.