ConsenSys May Be Laying Off Its Team In Droves, But Ethereum’s Joe Lubin Calls The Crypto Bottom

Crypto Market Has Found A Bottom, Claims Ethereum Co-Founder

Recent reports regarding the possibility of ConsenSys having to lay off half of its staff have brought a lot of speculation and uncertainty into the crypto community. ConsenSys is a known distributed startup that aims to improve Ethereum's ecosystem, and the recent news made a lot of people wonder what will happen to Ethereum as a result.

However, the company's founder, Joseph Lubin, quickly addressed these rumors, stating that there is no reason for panic and that all is well within the company. In fact, he used his Twitter account to post a series of updates which serve to ensure the community that the company is still firm on its feet. According to him, ConsenSys is actually in an excellent position right now. The company is healthy and is currently working on rebalancing its priorities.

The Rumors Are Wrong, Says Lubin

The New York-based firm which is backed by Lubin's personal funds has been targeted by the media, which has been sending “conjecture and preemptive paranoia” towards the company. According to him, this comes from the lack of real data, the lack of real insight, and from making false assumptions. However, Lubin claims that none of the rumors circling on the web or within the community are true. The current shift is something that has started around nine months ago when the current bear market was still in its early days.

Even so, he pointed out that the shift did not come as a result of the bear market. Instead, it came from the company's desire to improve and bring forth ConsenSys 2.0. In fact, he claims that the company has even hired around 15 people only a week earlier.

In addition, he admits that several individuals have lost their roles within the firm. However, they are not being laid off. Instead, they will be able to fill other roles at ConsenSys, which is how the company re balances its workforce and activities.

Lubin finished his series of tweets by saying that the sky is not falling after all and that the future looks very bright from his point of view. He is particularly excited in regards to different scalability solutions that are in development.

He also used the same opportunity to call the crypto bottom for this year, stating that it is marked by massive amounts of doubt, uncertainty, and fear.

The reports of ConsenSys potentially firing large numbers of its employees shook the community deeply, especially after a recent purge done by the decentralized social media platform Steemit, which had to lay off around 70% of its employees. The situation regarding Ethereum Classic's ETCDEV was even worse, as it had to fold completely.

In the meanwhile, the mainstream media has turned against Bitcoin, bashing it day after day, and claiming that it was a bubble all along. According to Lubin, however, this might be just a current state of things, with the crypto market potentially being ready to start going up again in no time.

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