But crypto companies' workforces are in an even worse state than their balance sheets. With companies suddenly losing million or billions of dollars in the blink of an eye, some can't pay their employees. This is leading to a trend of mass layoffs washing over the market. Companies like Gemini are paring their workforces down by 10%, while others like Coinbase (NASDAQ: COIN ) are reneging on job offers in an attempt to keep paying existing workers.