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Crypto Market Crash Leaving Bankrupt Startups in its Wake

  • ConsenSys plans to cut 13% of workforce; ETCDEV to close
  • More than 1,000 crypto companies received funding since 2012
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Bitcoin Becomes a Story of Boom and Bust
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The plunge in the cryptocurrency market is weighing on the software-development community that spawned over 1,000 digital coins amid dreams of independence from traditional financial systems and instant wealth.

ETCDEV, the startup that led development on Ethereum Classic, which is among the top 20 coins with a market capitalization of about $400 million, announced this week that it’s shuttering operations due to a funding crunch. Joseph Lubin’s ConsenSys, one of the largest crypto-related software startups based in New York, said Thursday that its workforce will be reduced by 13 percent as part of a reorganization.