Crypto Winter Continues to Show Its Effect! Dismissal from Koinly

Crypto Winter Continues to Show Its Effect! Dismissal from Koinly

Crypto Winter Continues to Show Its Effect! Dismissal from Koinly. London-based digital marketing company Koinly has decided to cut its workforce by 14%.

According to the statistics recorded on the LinkedIn page of the crypto tax startup, Koinly has 93 users listed. According to Koinly CEO Robin Singh, the decision was made based on the current crypto winter which was made unbearable by the implosion of the FTX Derivatives Exchange.

“We are taking steps to ensure we are as resilient as possible as we face the crypto winter,” said CEO Robin Singh. “While change is an inevitable part of doing business, it has been a bad week at Koinly as we let go of many of our colleagues.”

In this year alone, the crypto startup saw an expansion of up to 225% from its peak when it had a huge growth. However, the current market situation, which has shown crypto investors losing more than profit, has put Koinly in a position where it needs to be less. The FTX implosion has caused blockchain companies like Solana-based non-fungible token (NFT) protocol Metaplex to suffer a similar situation to Koinly. Metaplex Studio CEO Stephen Hess has announced that the studio is going through a major downturn that he says was prompted by FTX.

Crypto investors are trying to avoid taxes

Singh also said that many crypto investors refuse to report their crypto holdings this time on their tax returns. He thinks that these investors may fail soon. To put it bluntly, he said, “As a crypto tax agency, what worries us more than the actual collapse in crypto is the lack of awareness among crypto investors about filing for their crypto losses. .

We’re seeing fewer people reporting crypto on their tax returns, mainly because there were a lot of losses this year. However, business people don’t realize that filing losses on their tax returns is beneficial to them in the long run, as those losses can be used to offset profits in future years.

In the past, many crypto investors were known to deliberately hide their crypto holdings to avoid paying taxes on them in certain jurisdictions. In the recent situation in the crypto industry, these groups of investors may find other reasons not to declare their holdings.

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