Maker Minds #16 — Binance layoffs
Howdy Maker Minds!
I'm Tony. Five years ago, I had zero knowledge about crypto. So, I started browsing the web to find answers to my questions.
Every Monday, I share whatever helpful information and news I come across with you. To put it simply, I make crypto easy to grasp. And if you're here, it means you're an early Web3 adopter!
Here’s a recap of what shaped the crypto space this week 👇
State of the Market:
Bitcoin: $30,050
Ethereum: $1,902
Solana: $26.80
Gold: $1,954
S&P 500: $4,505
😯 The unusual news… which is quite usual
Binance has reportedly made the decision to lay off over 1000 employees, as reported by the Wall Street Journal. These layoffs come amidst a challenging period for Binance, as it finds itself under investigation in multiple jurisdictions, including the United States, Canada, France, Australia, and Belgium.
Significant departures were also noted among key positions, including the general counsel, the head of strategy, and Matthew Price, who oversaw the investigations surrounding the company. However, the majority of the recent layoffs concern Binance's customer service department.
Following the investigations by the Department of Justice, Binance.US has chosen to withdraw from the US market, resulting in the layoff or relocation of approximately 150 employees in the US.
💰 Blockchain and adoption
Europe's first Bitcoin ETF $BCOIN, is set to debut on Euronext Amsterdam later this month, as confirmed by Jacobi Asset Management. The company had initially delayed the launch due to the recent downturns of Terra Luna and FTX.
Polygon 2.0 is proposing an upgrade for $MATIC to the $POL token, which would serve as the main tool for coordinating the Polygon ecosystem. Additionally, validators will be given the opportunity to validate multiple chains.
As per JP Morgan's analysis, the upcoming Bitcoin halving will serve as a litmus test for miners, evaluating their adaptability amidst shrinking rewards and rising production expenses. The halving event is expected to present a significant challenge in sustaining miners' profitability.
Binance Labs has invested $15 million in Xterio, a startup specializing in high-quality free games. This strategic partnership aims to accelerate the development of Xterio's games and incorporate AI technology into their technology.
The claims portal for funds locked on the FTX exchange is now open, allowing users to access their accounts and verify their balances as of November 11, 2022. Users are required to log in, verify their email address, identity, and account balance, and confirm if the amount matches that at the time of the bankruptcy. The portal will remain open until September 29, 2023. It is important to note that FTX owes approximately $10 billion to its creditors, but the estimated amount of funds to be recovered stands at around $5 billion, thanks to various sales and claims.
Agorand’s Algofi protocol has announced the conclusion of most of its activities. The liquidation process will take place over several months, introducing features to facilitate the migration of liquidity to other protocols.
The Multichain bridge has experienced a theft of $126 million, raising suspicions of a rug pull. The Chainalysis report suggests that the attack could be internal. Rumors surrounding the CEO and the lack of communication further fuel the doubts.
According to data provided by Dune, creditors of Voyager have withdrawn approximately $250.4 million in crypto since June 23, when the company resumed fund withdrawals for its users.
The NFT platform Zora, which recently launched its layer 2 solution, will now be supported by OpenSea. This means that artwork minted on the Zora network can now be bought and sold on OpenSea.
Sorare has announced 5 NFT auctions for draft NBA cards. The first one features French player Victor Wembanyama from the San Antonio Spurs. These cards offer an in-game bonus and are part of the rare cards for the season.
Marc Boiron has been promoted to the position of CEO at Polygon Labs, less than a year after joining the company as the Director of Legal Affairs. This change comes despite the earlier assertion that such a position was not necessary.
The Russian State has passed a law on the digital ruble, designating the Bank of Russia as the operator of the CBDC. The law provides for the creation of a platform and establishes specific rules and thresholds to be implemented by the end of 2024.
Google Play now allows developers to integrate NFTs into their applications and games. Reddit is among the partners that have collaborated with Google on this new policy.
Elon Musk has launched a new company called "xAI" with the aim of understanding "the true nature of the universe." The company will closely collaborate with Twitter, Tesla, and other companies owned by Musk.
🔥 What’s Poppin’?
If you have some spare time, give it a read 👇
▹ Unpacking the Federal Lawsuits Against Celsius Network and Its Ex-CEO
▹ Aave’s Dollar-Pegged GHO Stablecoin Hits $2.5M Market Cap After Just 2 Days
▹ Kraken, Crypto.com Join Coinbase in Relisting XRP After Court Ruling
▹ BlackRock CEO Larry Fink: Crypto Will 'Transcend Any One Currency'
And that’s a wrap-up! If you enjoy what I do, don't forget to drop a like and comment, it gives me the strength to keep going! See you on Wednesday for a special edition,
Tony.
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Have a nice week!