Following a significant market downturn on October 10, 2025, the cryptocurrency industry has been contending with a series of challenges.
In November of the previous year, the decentralized application (dApp) analytics platform DappRadar ceased operations due to volatile market conditions.
Subsequently, in December, European authorities shut down Cryptomixer, citing allegations of facilitating cybercrime and money laundering.
The year 2026 has offered little respite.
Crypto exchange OKX recently implemented staff reductions as part of a global restructuring initiative.
Additionally, MANTRA, a blockchain company focused on the tokenization of real-world assets (RWAs), has decided to reduce its headcount. This move is part of a strategic reset following a turbulent past year, which was marked by the collapse of its native token, OM.
With barely two weeks into the new year, another prominent crypto company has reportedly laid off members of its workforce.
Polygon Labs Restructures Following Acquisitions, Announces Staff Reductions
In 2017, Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic founded a blockchain platform initially known as the Matic Network. The project was rebranded to Polygon in 2021.
Polygon is an Ethereum-scaling ecosystem designed to facilitate faster, cheaper, and more efficient transactions.
The year 2023 saw the launch of Polygon Labs, a company dedicated to the development and growth of the Polygon protocol.
On January 13, Polygon Labs announced its acquisition of the crypto payment firm Coinme and the wallet infrastructure provider Sequence for a sum of $250 million.
On January 15, Polygon Labs CEO Marc Boiron stated on X that the teams from Coinme and Sequence bring extensive expertise in regulated payments, wallets, and interoperability. Consequently, the company made the "difficult decision to consolidate some overlapping roles" at Polygon Labs.
"Our teammates who are departing are exceptional, and we’re deeply grateful for everything they’ve contributed to Polygon," Boiron said.
Boiron clarified that the decision is related to structuring rather than performance. He added that while it was a difficult decision, such changes are necessary to accelerate the movement of all money onchain.
He further emphasized that the total headcount at Polygon Labs will remain similar following these adjustments.
Several team members who were laid off expressed their gratitude to Boiron for their experience at Polygon.
Mattie Fairchild, the head of founder experience at Polygon Labs, acknowledged her layoff but expressed pride and excitement for the future of the protocol.
Reports from BeInCrypto indicated that industry insiders suggested approximately 30% of staff were dismissed this week, though this has not been officially confirmed by the company.