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Coinbase to cut jobs by 20%, and Cameron Winklevoss pens new letter to DCG board: CNBC Crypto Worldt
Updated on Jan 17,2023
Coinbase to cut jobs by 20%, and Cameron Winklevoss pens new letter to DCG board: CNBC Crypto World
today coinbase Cuts 20 of its staff in a,second major round of layoffs,ftx's chief engineer reportedly looks to,cut a deal with prosecutors and what's,going on with Genesis grayscale and,their parent company digital currency,group David seamer of wave Financial,weighs in,welcome to cnbc's crypto world I'm,Tanaya McKeel it's a day of green for,crypto markets by noon Eastern Bitcoin,Rose to 17 300 ether continued trading,above thirteen hundred dollars and,cardano ticked higher to 32 cents,let's talk about the top stories first,coinbase is cutting a fifth of its,Workforce to right-size its business for,the bear Market the crypto exchange,plans to slash about 950 jobs and it's,the second round of sweeping layoffs the,companies announced in the past year,back in June coinbase cut 18 of its,staff saying the company grew too,quickly during the bull market and that,it needed to manage costs in a phone,interview with CNBC coinbase's CEO Brian,Armstrong partly blamed the implosion of,FTX for the latest round of layoffs,the cuts will bring coinbase's operating,expenses down by 25 and the company said,it expects losses to be within the 500,million dollar guard rail at set last,year,coinbase's shares jumped 4.3 percent by,noon Eastern after the announcement,next fdx's former chief engineer nishad,Singh is hoping to strike a cooperation,deal with Federal prosecutors that's,according to a report from Bloomberg,which cited people familiar with the,matter seeing hasn't been accused of,anything but he reportedly met with the,southern district of New York last week,and Bloomberg notes that in such,meetings people are usually granted,limited immunity to share any,information they have Singh was,instrumental in writing the software,that built ftx's crypto exchange and,bankruptcy court documents show he,received more than 500 million dollars,in loans from Alameda research finally,Cameron winkelvoss is speaking out once,again over the challenges between,Genesis and Gemini in an open letter to,the board of parent company digital,currency group Winklevoss claims,customers of its earned service were,quote defrauded by Genesis dcg and its,CEO Barry silbert William kovas goes,even further saying that silbert is,unfit to run the company and that there,is no path forward with him at the helm,dcg responded to the letter on Twitter,saying quote this is another desperate,and unconstructive publicity stunt from,Cameron Winklevoss to deflect blame from,himself and Gemini who are solely,responsible for operating Gemini earn,and marketing the program to its,customers,about a week ago Winklevoss wrote,another open letter in which he accused,silbert of bad faith stalling tactics,over Frozen funds owed to the crypto,company and its customers,okay for our main story we're sticking,with digital currency group crypto,world's Jordan Smith spoke with David,seamer who's the CEO of wave financial,and says the company's done business,with Genesis the two of them spoke about,what's going on at dcg and the,implications of a potential bankruptcy,okay so I have to begin with the news on,Friday Bloomberg reporting that the dcg,is being investigated by U.S officials,over internal transfers and I'll make it,clear that no one is accused of criminal,conduct right now but the pressure on,the company is growing so what's your,reaction to that probe I would have been,shocked if there wasn't a probe the with,everything that's happening crypto all,the new scrutiny that's coming out,um especially what you know this is,something who sounds like more from what,happened back in May June uh when 3ac,and a lot of other people you know kind,of uploaded,um so it's totally logical I mean as a,is a crypto fan I've been waiting for,the SEC to actually get more involved in,some of these problems because it,actually is kind of necessary not that I,know that what they'll do will be,actually helpful but it's important that,all these investigations happen and,there clearly has been a lot of,wrongdoing focusing on dcg and some of,its businesses for right now let's talk,about Genesis first the company laid off,30 of its staff recently it's it's,shutting down its wealth management,business just how dire or does the,situation look there for that company ah,really dire and I would I would put that,more in the the dcg diet or not just,Genesis and the whatever HQ was so I,mean we were actually like in 2021 and,by the first part of 2022 we were the,largest counterparties that they told us,with Genesis did a lot of trading with,them and I actually don't know why they,didn't lay off more employees from the,Genesis side like they called us right,after the FTX news and they basically,started talking about how Genesis might,be bankrupt and they actually want to,keep working with them like you know do,we trades for them and we're just like,what are you talking about you're,announcing you're going into bankruptcy,like how would that even work like you,want me to I said sure you know we do,have some
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