Crypto wallet MetaMask's developer Consensys lays off 20% of its staff

On October 29th, Consensys, the developer of the crypto wallet MetaMask, announced a 20% layoff affecting approximately 160 employees. The company's founder and CEO Joe Lubin announced this news in a blog post, attributing the layoffs to headwinds in the macro economy and legal expenses from long-term struggles with regulatory authorities.

Previously, Consensys had sent an open letter to future U.S. presidents requesting clear and supportive regulations for cryptocurrencies and Web3. The letter pointed out that regulatory rulings need transparency to maintain America's global competitiveness while addressing consumer protection and illegal activity issues.