financialtechnology
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Coinbase Lays Off 20% of Staff, Warns of ‘Further Contagion’ in Crypto
Coinbase announced on Tuesday that it would lay off 20% of its employees — 950 people out of an estimated 4,700 — in an effort to significantly reduce its operating expenses. It’s the company’s second large round of layoffs in less than a year. In June, Coinbase laid off 1,100 employees.
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U.S. Regulators Warn Banks About Crypto Fraud and Scams
Major financial regulators consisting of the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) warned banking organisations against cryptocurrency scams and fraudulent activity in a joint statement on Tuesday.
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Binance CEO Says There’s No Way They will End Up Like FTX in Leaked Letter to Staff
The crypto exchange Binance, perhaps the last major crypto exchange standing after the FTX debacle, experienced a wave of withdrawals by spooked investors earlier this week to the tune of nearly $US3.7 ($5) billion, according to blockchain analytics firm Nansen.
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FTX Declares Bankruptcy and Sam Bankman-Fried Resigns in Latest Crypto Blowup
RIP FTX. The company announced Friday morning that they were starting Chapter 11, AKA reorganizational bankruptcy proceedings. In addition, CEO Sam Bankman-Fried’s other crypto firm, Alameda Research and Weste Realm Shires Services, which is also known as FTX.US, are also tangled up in the proceedings.