The crypto winter continues to freeze out industry giants. In its Q1 2026 earnings report, leading U.S. crypto exchange Coinbase revealed a staggering $394 million net loss, following a similar slump in the previous quarter. Amid crashing retail trading volumes, CEO Brian Armstrong has initiated a drastic 14% reduction in the workforce—axing approximately 700 employees—under the guise of an "AI-native" corporate restructuring.