Ava Labs employees report layoffs, ‘several people’ affected.

Crypto startup Ava Labs, which supports Avalanche The blockchain network has laid off its senior workforce on Monday, several affected employees confirmed Decrypt.

While the size of the layoffs has not yet been confirmed by Ava Labs, the layoffs have affected the company's communications and marketing teams. Garrison Young, vice president of growth and strategy at Ava Labs, said on Twitter Monday afternoon that the cut hurt “a lot of people” in the company's marketing department. Another fired employee He wrote The layoffs have reached “many others.”

Decrypt He reached out to several executives and spokespeople at Ava Labs, but did not immediately hear back.

It's unclear whether Monday's cuts affected the company's technical teams, but by all accounts the layoffs were widespread — catching many employees by surprise in the current brutal crypto bear market.

“I thought we were turning a corner,” said an Ava Labs employee who asked not to be identified. Decrypt. “But it seems very few of us.”

A former member of Ava's game marketing team He wrote Monday's outages are understood to be part of a larger “restructuring” strategy.

At the end of last week, the NFT marketplace OpenSea underwent a similar “setup”, which the company looked at for dismissal. 50% of their total employees. In less than two years, Opunsea appeared untouchable, leading to a remarkable feat. An estimate of 13.3 billion dollars After the Series C funding round.

But the long-term cryptocurrency crash that began a year and a half ago, which began last May with Terra and Luna, continues stubbornly. After several rounds of dismissals Main Crypto Companies This year and lastThe strongest companies in the industry are struggling to hold on until the next crypto spring—which for many seems as far away as ever.

Edited by Andrew Hayward.