The OFAC investigation was first revealed in July, in reporting from the New York Times.
- Settlement Agreement between the U.S. Department of the Treasury’s Office of Foreign Assets Control and Payward, Inc. ("Kraken"), U.S. Department of the Treasury
The company didn't reveal how many employees were affected by the layoffs, but Portal do Bitcoin estimated that around 100 employees were let go — around 15–20% of the company's remaining staff. One employee wrote on LinkedIn that he was among "dozens" who were laid off.
- "Bitso cuts more staff in fresh round of layoffs", The Block
- "Corretora de criptomoedas Bitso faz segunda rodada de demissões no Brasil e no México", Portal do Bitcoin (in Portuguese)
Block subsidiary TBD announces they will trademark "Web5", cancels plans after completely foreseeable backlash
Who could have predicted that people might balk when TBD then announced they would try to trademark the term? Apparently they saw no irony in their attempt as a single, powerful entity to gain control over the trademark.
The same was not true of the people who responded to the post, who wrote things like, "We need to make sure web 5 is truly open by copyrighting it", and simply "🤡🤡🤡🤡🤡".
Six hours later, the company tweeted, "we have heard the community and we are responding to their concerns". They issued a statement acknowledging that "we have heard loud voices in the community who are concerned about the potential for abuse of trademark law in ways that would undermine the mission of decentralization." Gee, you think?
And no, they still haven't explained what happened to web4.
Because of this dependency, it was no surprise when BlockFi announced they were once again in crisis following the FTX explosion. On November 15, the Wall Street Journal reported they were preparing for possible bankruptcy and considering layoffs.
On November 28, BlockFi filed for bankruptcy. Their filing estimates they have more than 100,000 creditors (the maximum option on the form), between $1–10 billion in assets, and between $1–10 billion in liabilities.
Shitcoin project tests the limits of cringe by building $600,000 statue of Elon Musk and delivering it to Tesla HQ
The group then delivered the sculpture to Tesla HQ in Austin, Texas, and is reportedly refusing to leave until he accepts the statue. Unfortunately he may be too busy burning Twitter to the ground to have noticed.
Despite receiving press coverage in outlets including the Wall Street Journal, Fox Business, and USA Today, the project has as of yet failed to achieve much of a pump, and the token is trading around where it was several months ago. I've not named the token here in the hopes of not contributing to the goals of their viral marketing stunt.
150 companies seek Binance's bailout for organizations "facing significant, short term, financial difficulties"
In a blog post outlining the $1 billion initiative, Binance also divulged that "we have already received around 150 applications from companies seeking support under the [Industry Recovery Initiative]" — only a week and a half after it was announced.
Lemon had closed a $44.1 million series A funding round earlier this year, which they kicked off in July 2021.
- "Carta abierta a la comunidad" ["Open letter to the community"], Lemon Cash blog (in Spanish)
CoinList lost $35 million in the June Three Arrows blowup. Shortly after the FTX collapse, CoinList claimed to have "no material exposure to FTX, FTT, Alameda or any credit exposure to any affiliate of FTX". However, they stopped processing withdrawals shortly after.
Iris Energy's stock has plummeted to $1.66, down 93% from its $24.80 peak when the stock first began trading a year ago.