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“As we continue to navigate unprecedented industry challenges, Genesis has made the difficult decision to reduce our headcount globally,” a Genesis spokesperson said in a statement. “These measures are part of our ongoing efforts to move our business forward. We sincerely appreciate the hard work of our talented and dedicated
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Crypto bank Silvergate had to undertake a 200-employee layoff and take other drastic measures to facilitate a withdrawal bank run. During the FTX-triggered crypto meltdown, Silvergate Bank scrambled to cover a massive withdrawal spate and also embarked on a substantial staff layoff. According to the Wall Street Journal, the crypto-focused bank offloaded assets at a
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The FTX debacle has triggered a bank run on Silvergate, causing the company to sell off its assets at a loss and cut staff by 40% to cover $8.1 billion worth of customer withdrawals.According to a report published by the Wall Street Journal, the bank liquidated debt that it was
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Octopus Network, a decentralized app chain network natively built on NEAR Protocol, has announced that it will be “refactoring” to adapt to current market conditions. As part of its refactoring process, Octopus network will let go of roughly 40% of its team, which accounts for 12 out of 30 members. The
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"While we expect the next several months to be bumpy, we will get past this challenging period," CZ said while assuring the organization is built to last. Original Source
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Crypto trading firm 3Commas has denied its employees' stole user's API keys, claiming that screenshots circulating on social media are fake and urging affected users to file police reports to stop the perpetrators from stealing their funds. In a blog post published on Dec. 11, 3Commas co-founder and CEO Yuriy Sorokin
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Amber Group has halted its sponsorship deal with Chelsea and is looking to downsize its workforce as the crypto winter bites hard.Amber Group has reportedly terminated its $25 million sponsorship deal with Premier League football club Chelsea FC. The Singapore-based crypto trading firm views the severance of this business relationship with
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Dubai-based Bybit is a relatively new crypto exchange, founded in 2018, but has managed to accumulate a fair amount of trading, particularly with regard to derivatives. The exchange ranks ninth out of 64 derivates exchanges for open interest, meaning options or futures that have not been settled, and 15th in
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With non-fungible token (NFT) sales a lot lower than they were at the start of the year, NFT companies and marketplaces are feeling the pain associated with the second-largest crypto winter to date. According to a report published on Monday and “multiple people familiar with the situation,” the NFT company
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China’s COVID-19 protests cemented as NFTsNonfungible tokens (NFTs) depicting the ongoing protests in China against the country’s tough zero-tolerance COVID-19 policy have found their way to the NFT marketplace OpenSea.At least two collections have been created in November, the first is a Polygon (MATIC)-based collection called “Silent Speech” featuring 135
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