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This is a weekly feature that will look back at the week that was in crypto, blockchain and Web3, and offer insights and analysis. Check out our previous column here.

Apologies, layoffs and crypto prices dominated this week as the FTX-induced contagion continued to spread across the industry.

Late last week, 鈥檚 apology tour , with the former head of saying he was sorry, but adding he was not aware of some of the accounting issues at the exchange 鈥� such as the $8 billion hole on the balance sheet 鈥� and blaming other companies for its downfall.

His apologies have 鈥� or likely anyone.

Market effects

Of course, apologies are necessary because Bankman-Fried鈥檚 actions 鈥� or inactions (it really doesn鈥檛 matter which) 鈥� have caused real world harm. Not only have FTX鈥檚 customers perhaps lost all their investments, but even those outside of FTX are feeling the effects. One needs to go no further than looking at the layoffs in crypto through the last week.

Crypto exchanges , and all announced they would be laying off 30% or more of their staff.

In a letter to employees, Swyftx鈥檚 CEO cited the possibility of more 鈥渂lack swan-type events鈥� and trading volumes likely falling in the first half of 2023 as reasons for the cuts, .

Also this week, Boston-based called off its proposed merger agreement with special-purpose acquisition company Concord Acquisition Corp. 鈥� ending a year-and-a-half long SPAC saga which would have valued the company at $9 billion.

It鈥檚 not too much of a leap to think Circle figured this may not be the best time for an issuer of stablecoin to hit the public markets.

To top everything off, also saw issue a note outlining a scenario where Bitcoin could drop as low as $5,000.

That would be a 70% drop from around the $17,000 price point it has hovered around since the FTX debacle came to light 鈥� which was a drop from the $20,000 it was at in early November.

While others are much more bullish 鈥� 鈥� it is not difficult to imagine a further drop in crypto prices, especially considering everything the industry has been through.

That could well spell more business changes at crypto firms and more layoffs 鈥� and of course more apologies from those who helped cause it all.

Further reading:

• FTX Collapse Will Reverberate Throughout The VC World For A Long Time
• Mergers & Money: FTX-Induced Crypto Contagion Likely Only Starting
• BlockFi Files For Bankruptcy As FTX Contagion Spreads
• Circle Nixes $9B SPAC Deal With Crypto Market In Tumult
• Crypto Exchange Kraken Cuts Workforce; U.S. Pushing More Industry Regulation
• How VCs Invest In Crypto Will Be Changed By FTX鈥檚 Spectacular Fall

Illustration: Dom Guzman