Ethereum giant Consensys slashes workforce by 20%

Consensys, maker of the MetaMask crypto wallet, is cutting about 162 of its 828 employees, roughly 20% of its workforce, across all divisions. CEO and founder Joe Lubin announced the layoffs in a blog post, attributing them to macroeconomic headwinds and legal expenses from the company's long-running battles with regulators. Lubin wrote that multiple SEC cases, including Consensys's own, have cost companies millions of dollars and jobs, and he described the layoffs to Fortune as a "tough but prudent decision to streamline our operations." The company says it is offering generous severance, including career support and extended health care benefits.