Following the flash crash on Oct. 10, 2025, the cryptocurrency industry has been beset by multiple troubles.
In November last year, the decentralized application (dApp) analytics platform DappRadar shut down due to the volatile market conditions.
Next, European authorities shut down Cryptomixer in December for allegedly facilitating cybercrime and money laundering.
Related: Robinhood CEO warns Congress delay is hurting Americans
2026 brought no respite.
Crypto exchange OKX recently fired some of its employees as the crypto exchange undergoes global restructuring.
Next, MANTRA, the blockchain company focused on real-world asset (RWA) tokenization, decided to reduce headcount as part of a strategic reset after a turbulent past year marked by the collapse of its native token, OM.
We are barely a fortnight into the first month of the year, and another popular crypto company has laid off members of its workforce.
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Polygon fires staff in restructuring after acquiring Coinme and Sequence
In 2017, Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic founded a blockchain platform called the Matic Network. The project was rebranded as Polygon in 2021.
Polygon is an Ethereum -scaling ecosystem that is built to make transactions faster, cheaper, and more efficient.
2023 saw the launch of Polygon Labs, a company that participates in the development and growth of the Polygon protocol.
On Jan. 13, Polygon Labs announced that it is acquiring the crypto payment firm Coinme and wallet infrastructure provider Sequence for $250 million.
On Jan. 15, Polygon Labs CEO Marc Boiron wrote on X that the teams from Coinme and Sequence bring deep expertise across regulated payments, wallets, and interoperability, and therefore, the company had to make the "difficult decision to consolidate some overlapping roles" at Polygon Labs.
"Our teammates who are departing are exceptional, and we're deeply grateful for everything they've contributed to Polygon,"Boiron said.
Boiron said the decision reflects structuring, not performance. Though a difficult decision, making such changes is necessary to accelerate moving all money onchain, he added.
The total headcount at Polygon Labs will remain similar following these changes, he underlined.
A few team members who got laid off thanked Boiron for the experience at Polygon.
Mattie Fairchild, the head of founder experience at Polygon Labs, admitted getting laid off but added she was proud and excited about the future of the protocol.
BeInCrypto reported that industry insiders told the publication that roughly 30% of staff were dismissed this week. But there is no such confirmation from the company.
This story was originally published by TheStreet on Jan 16, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
