The company announced they would be "scal[ing] down to a target organisational size of about 730 people". The company seems to have had around 1,000 employees, which means they are laying off around a quarter of their workforce. They also announced they would be rescinding employment offers they had extended recently.
- "The Way Forward", BitPanda
On June 23, someone was able to steal assets from the bridge that they then converted to more than 85,800 ETH. The stolen funds are notionally valued at almost $100 million, assuming the thief can cash them out successfully. Hours after the attack, most of the funds remained in the thief's wallet and had not yet been laundered.
A June 29 analysis by blockchain research firm Ellipsis claimed that "there are strong indications that North Korea’s Lazarus Group may be responsible for this theft". Lazarus was also behind the $625 million bridge hack in March, targeting the Axie Infinity game.
Senators Lummis and Gillibrand solicit feedback on their proposed crypto legislation via Github and it's off to a predictably chaotic start
As one might expect, apparently-unmoderated open comments from some of the most online people out there has been off to a chaotic start. The first comment on the proposal, by a user with a Pepe the Frog avatar, is titled "Taxation is theft!" and reads, "Why should we pay any taxes to a corrupt government that prints money out of thin air and gives it away for free! Eliminate the FED!!! BITCOIN FOREVER!"
Another comment thread begins, "Feds are not looking post floppa" and accumulated over 100 replies containing photos of caracals within half an hour.
A different person submitted a pull request replacing the entire text of the bill with "cryptocurrencies are banned lmao".
On July 13, the creators of the Github repository removed all the issues and archived the repository, apparently bringing the experiment to its end.
The company then posted an announcement that they would be "pausing all withdrawals" due to "extreme market conditions last week & continued uncertainty involving a counterparty". They were cagey about the identity of the counterparty, though the announcement explicitly stated it was not the underwater hedge fund Three Arrows Capital, which has been causing a domino effect throughout the crypto industry. They later alleged the counterparty was Roger Ver, though he denied the claim.
CoinFLEX began allowing customers to withdraw up to 10% of their funds on July 14, but the remaining 90% continued to be inaccessible to them.
- "Update on withdrawals", CoinFLEX
- "Hostess launches $TWINKcoin snack cakes", Food Business News
Bybit opted to settle with the OSC, disgorging about CA$2.5 million (US$1.9 million) and has begun working with the OSC to become compliant.
OSC accused KuCoin of not complying with the investigation, and permanently banned the exchange from operating in Ontario. The OSC also levied a CA$2 million (US$1.5 million) fine against the exchange.
- "Ontario Securities Commission Slaps Bybit and KuCoin With Penalties", CoinDesk
- "OSC holds global crypto asset trading platforms accountable", Ontario Securities Commission
Voyager Digital reduces withdrawal limit after reporting $660 million exposure to Three Arrows Capital
Later that day, Voyager reduced the daily withdrawal limit from $25,000 to $10,000, suggesting they were having trouble meeting customer demand for withdrawals.
The prior week, Voyager announced they had secured a line of credit from Alameda Research amounting to $200 million in cash and 15,000 Bitcoin. Alameda Research is a trading firm founded by Sam Bankman-Fried, who also runs the FTX crypto exchange.
Almost a year earlier, in June 2021, Vauld raised $25 million in a Series A round led by Peter Thiel's Valar Ventures, which was also joined by Coinbase and Pantera Capital.
The FTX loan represents the second bailout of a crypto firm by Sam Bankman-Fried's companies, after his Alameda Research trading firm extended credit equivalent to around $485 million to floundering crypto platform Voyager.
- "Crypto exchange FTX bails out lending platform BlockFi", Financial Times