The Weekly Grind (May 15–May 21): Web3 Salaries Crash 75%!

This Week’s Vibe:

Crypto chaos continues as Web3 salaries nosedive 75%, and the impact of a single tweet wipes out $657M in crypto. The regulatory landscape shifts while hackers run rampant.

The Big Stories:

• Web3 Salaries Crash: Web3 salaries have hit rock bottom, dropping from $553K to $138K in 16 months. With 232 candidates vying for each role, the job market is brutal. Read more.
• $657M Vanishes with a Tweet: Trump’s cryptic post triggered a massive liquidation event, sending Bitcoin below $77K and erasing $657M in leveraged longs. Read more.
• Stablecoins Get a Federal ID: The US Senate’s GENIUS Act creates a regulatory framework for stablecoins, impacting giants like USDC and Tether. Read more.
• 9,000 ATMs Go Dark: Bitcoin Depot filed for bankruptcy, pulling the plug on its 9,000 crypto ATMs, signaling the end of an era. Read more.
• THORChain Exploited: Hackers drained $10.8M across four blockchains, halting trading and leaving the community in the dark. Read more.

By the Numbers:

• 75%: Drop in Web3 salaries from $553K to $138K.
• $657M: Crypto wiped out in liquidation after a Trump tweet.
• 9,000: Number of Bitcoin ATMs that went offline.
• $10.8M: Amount stolen in the THORChain exploit.
• $76.7M: Fake eBTC minted in the Echo Protocol hack.

What This Means for Crypto Jobs:

Web3 roles are dwindling, with only 14 dev jobs globally and salaries plummeting. Regulatory shifts could mean more compliance roles as firms navigate new stablecoin rules. The security sector may see a boost as hacks highlight the need for robust defenses. Conversely, ATM-related roles are vanishing as the sector contracts.

Find your next crypto role at cryptogrind.com.