Crypto company Polygon Labs🟣 announced that they had laid off 100 employees, or nearly 20 percent of their positions , on Tuesday, February 21, 2023. This makes it the latest digital asset company to mount a wave of layoffs amid the plunging value of the crypto sector and intense global regulatory scrutiny. Laid-off employees will receive three months of severance pay, regardless of their level or length of service at the company, Polygon Labs said in a blog post. Along with Polygon Labs, almost all of the top crypto companies in the world have announced layoffs this year, including Huobi, Coinbase, and Crypto.com (http://crypto.com/) . This reflects the decline in value of the crypto sector last year and fears of an economic downturn exacerbated by rising interest rates. The accident led to the bankruptcy of major industry players such as crypto hedge fund Three Arrows Capital and Celsius Network, as well as triggering strict global regulatory scrutiny of how crypto companies deposit funds and conduct business operations.