u.today
Ethereum developer Consensys has announced the company's decision to fire 20% of its workforce (more than 160 employees).
In a social media post, CEO Joseph Lubin described the massive layoffs as a "tough but prudent decision."
The workforce reduction will be able to position the Ethereum developer for "long-term sustainability" under "volatile scenarios," according to Lubin.
"We are deeply grateful for their contributions in getting Consensys to where it is today, and we are committed to providing all affected employees with substantial support as they move on to their next chapter," he added.
The fired employees will receive "generous" severance packages, outplacement services, and healthcare benefits.
As reported by U.Today, Consensys is currently embroiled in a legal battle with the U.S. Securities and Exchange Commission. Its own lawsuit against the agency was dismissed by a Texas judge in September. The Ethereum developer will have to fight the SEC's lawsuit linked to the MetaMask wallet.