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PYONGYANG -North Korea-based syndicate, Lazarus Group, has laid off a third of its cryptocurrency focused team. The cryptocurrency sector has shed more than 3,500 jobs so far in 2023, as firms continue to retrench amidst regulatory uncertainty and volatile macro conditions.
Lazarus Group formed its cryptocurrency team in 2013 and has been involved in numerous high profile cryptocurrency attacks - including the March 2022 hack of Axie Infinity and a recent attack on the Harmony network.
In a statement posted to its twitter page an unidentified spokesperson noted “Lazarus Group reduced our digital asset focused workforce by 30% as part of a restructuring. This was a painful, but long-term focused realignment that will help us adapt to the rapidly evolving macro environment and tech climate. We are grateful for the contributions of the employees we have parted ways with, and have provided them with a merciful ‘separation’ now that they serve no purpose for the Democratic People's Republic of Korea (DPRK).”
This layoff follow a string of prominent crypto firms announcing workforce reductions, all done in an effort to weather the crypto winter that began in 2022. Both Coinbase and Polygon Labs cut 20% of their workforce in 2023.
"We still remain bullish on the sector. Whether it be a centralized DeFI project keeping billions of dollars of assets in unaudited smart-contracts or cross-protocol bridges storing their private keys on unencrypted word-documents; we are confident that this will remain a lucrative sector for us. Macro economic headwinds led us to this tough decision. But we are certain this move will put us on firmer footing going forward." a spokesperson noted in a tweet posted later in the day.
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