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Bankrupt crypto exchange FTX has announced it will be “resuming ordinary” cash payments, salaries and benefits to its remaining employees around the world.The announcement came from new FTX CEO John Ray III on Nov. 28, as the insolvency professional looks to help FTX and its approximated 101 affiliated companies (FTX
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While the company has no exposure to FTX, the extended Bitcoin bear market is taking a toll on parts of the business. Source
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“Our management team did a thorough review of asset growth year to date and reviewed every employee’s role and contribution. Like many other companies in our industry, cuts needed to be made and ours were limited to sales and marketing,” Valkyrie CEO Leah Wald told Bloomberg. Original Source
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Tesla CEO and Twitter chief Elon Musk has informed Twitter employees that the company’s “economic picture ahead is dire.” Noting that “bankruptcy isn’t out of the question,” the billionaire stressed that “Without significant subscription revenue, there is a good chance Twitter will not survive the upcoming economic downturn.” Twitter Could Go
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Changpeng Zhao, the chief executive officer of crypto exchange Binance also known as “CZ,” warned users its intention to acquire FTX may invite scrutiny from global regulators — but the firm is ready.In a letter to Binance staff tweeted on Nov. 9, CZ said though the deal to acquire another
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White House Chief of Staff Ron Klain says that the U.S. is not in a recession. “The economy is growing. It is strong,” he stressed. In addition, White House Press Secretary Karine Jean-Pierre said there are no meetings or anything happening in preparing for a recession. White House Dismisses Recession Concerns White
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The United States Office of the Comptroller of the Currency, or OCC, has announced its representatives will be available on a one-to-one basis to discuss financial technology.In a Nov. 3 announcement, the OCC said entities considering fintech products and services, partnerships with banks, or concerns “related to responsible innovation in
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The crypto and tech industry has seen a slew of staff cuts this week against a backdrop of difficult market conditions, though on a positive note, some are bucking the trend.Crypto companies, including crypto exchanges, venture capital firms and blockchain developers, have been forced to reduce headcount in order to
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Crypto Firms such as Dapper Labs are currently feeling the heat of these markets’ downturn. As per a report, Dapper Labs has
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Six U.S. senators have questioned the Securities and Exchange Commission (SEC) why its staff is quitting at a record pace. “Efforts to ram through hurried rulemaking without proper analysis, deliberation or consideration of downstream negative impacts is nothing short of regulatory malpractice,” the lawmakers told SEC Chair Gary Gensler. SEC Staff
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