Cryptocurrency companies are laying off employees in an effort to survive the nascent market’s biggest selloff to date.

Blockchain venture firm ConsenSys said Thursday it would cut 13% of its staff, days after announcing an overhaul of its business model. Steemit, a firm that runs a blockchain-based social network, last week laid off 70% of it staff, citing the crypto selloff. A number of smaller firms that raised money during the manic 2017 cryptocurrency rally have retrenched sharply or quietly closed.

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