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Binance is Reportedly Looking to Fill 500 Jobs Globally Despite the Crypto Winter Vibes of Layoffs and Rescinded Offers

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Binance is Reportedly Looking to Fill 500 Jobs Globally Despite the Crypto Winter Vibes of Layoffs and Rescinded Offers

Summary:

  • Binance is reportedly looking to fill 500 job vacancies across the world.
  • This is despite the crypto winter activity of other exchanges laying off employees (Gemini) and rescinding offers (Coinbase).
  • CoinGecko Co-founder has questioned the handling of financials by the crypto exchanges carrying out layoffs and rescinding offers.

The crypto exchange of Binance is looking to fill over 500 job positions globally.

According to the team at WuBlockchain, the Binance team has issued a statement hinting that they ‘are going to have a very active [job] pipeline in the months ahead.’ WuBlockchain shared the outlook of the job situation at Binance through the following Tweet.

Exchanges led by Coinbase have recently stopped hiring or even laying off staff, but Binance issued a statement saying: We are going to have a very active pipeline in the months ahead, Binance is currently hiring for more than 500 positions globally across all departments.

— Wu Blockchain (@WuBlockchain) June 6, 2022

Binance Has 904 Job Openings, and Binance.US is Also Hiring

Further double-checking WuBlockchain’s claims reveals that Binance currently has over 904 openings on its careers page. This, in turn, points to a scenario whereby an estimate of 500 job openings is an understatement.

Binance is Reportedly Looking to Fill 500 Jobs Globally Despite the Crypto Winter Vibes of Layoffs and Rescinded Offers 15
Source, https://www.binance.com/en/careers/job-openings

Similarly, the North American wing of Binance, Binance.US, advertised via Twitter that they were looking to hire candidates ‘across Business Development, Compliance, Data, Engineering, Finance, Legal, and more.’

Looking for a career move? Want to get involved in #crypto?

Good news. We’re Hiring!

We are currently looking for candidates across Business Development, Compliance, Data, Engineering, Finance, Legal, and more.

Check out our career page to get started: https://t.co/XiRiMblDNe pic.twitter.com/hyCHDhs3u3

— Binance.US 🇺🇸 (@BinanceUS) June 3, 2022

Crypto Winter Hits Other Crypto Exchanges Hard

The job openings at Binance and Binance.US come on the backdrop of other crypto exchanges not fairing too well due to the ongoing crypto-winter brought about by the Bitcoin bear market.

Last week, the crypto exchange of Gemini announced that it was going to cut its workforce by 10% due to ‘turbulent market conditions that are likely to persist for some time.’ However, the Winklevoss brothers, who founded the Gemini Exchange, explained that affected employees would receive a separation package and healthcare benefits.

Also, last week, the crypto exchange of Coinbase did a one-eighty degree turn on its promise not to rescind any job offers due to the ongoing hiring freeze at the company. As a result, would-be employees expressed disappointment and frustrations on the life impact of their job offers being canceled. However, the crypto and social media communities have offered advice, referrals, and employment leads to affected individuals.

CoinGecko Co-founder Questions How Crypto Exchanges Handled Their Funds to Result in Layoffs and Rescinded Offers.

The ongoing layoffs and situations of rescinded job offers have prompted CoinGecko’s co-founder, Bobby Ong, the question the management of financials at affected crypto exchanges. He said:

We are just a few months into the bear market and exchanges are making people redundant and rescinding offer letters.

How badly are you guys managing your finances and headcount? You guys are in one of the most profitable sectors of crypto making billions just last year.

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Ethereum

Crypto Community Holds its Breath as the EU Finalizes Regulations on PoW and Unhosted Wallets this Month

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Crypto Community Holds its Breath as the EU Finalizes Regulations on PoW and Unhosted Wallets this Month

Summary:

  • EU legislators are estimated to finalize regulations on proof-of-mining crypto activities and unhosted wallets by the end of June.
  • Such regulation will have enormous implications for the crypto industry in Europe and globally.

The crypto community is anxiously watching as EU legislators finalize regulations that will affect proof-of-mining activities and unhosted (non-custodial) wallets within the region.

According to Patrick Hansen, a Crypto Venture Advisor at Presight Capital, the two bills will most likely be finalized by the end of this month. Furthermore, their approvals as is, or with modifications, will ‘have huge implications for the crypto market in the EU and beyond.’

NFTs, Stablecoins, DeFi, and Environmental Impact Remain the Main Topics of the MiCA Bill.

For the MiCA bill, Mr. Hansen explains that the legislation is in the trialogue stage where all three EU institutions of the Council, Parliament, and Commission meet on June 30th to discuss and possibly agree on a few topics that need to be worked on further.

Firstly, the legislators need to decide whether NFTs fall under the MiCA bill and whether to include consumer protections. Secondly, stablecoins issuance will be determined, including the possibility of implementing thresholds and supervision.

Thirdly, the DeFi industry might just be exempt from the reach of the MiCA bill, with a separate report being scheduled for 2023. Fourthly, the environmental impact of crypto operations in the EU will be ironed out given that Europe’s legislators have already decided that it would not completely ban Proof-of-Work blockchains such as Bitcoin.

Proposal for AML and KYC Procedures When Transacting with Unhosted (Non-Custodial) Wallets.

For the EU proposed bill to implement AML and KYC procedures when transacting with unhosted (non-custodial) wallets, the region’s legislators still have the following to debate:

  • Verification of unhosted wallets. The EU parliament favors the proposal, but the Council and Commission are against it.
  • The EU council suggests that crypto-asset service providers implement on-chain analytics to address the AML risk.
  • There is also the debate on whether to keep the requirement to declare transactions over one-thousand euros to be reported to relevant authorities.

At the time of writing, it is not clear whether the EU legislators will agree on all the issues of the second bill regarding Un-hosted wallets. Consequently, deliberations could roll into the second half of the year.

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Ethereum

Harmony Protocol Offers $1M Bounty for the Return of Stolen Funds and Information on the Bridge Exploit

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Harmony Protocol Offers $1M Bounty for the Return of Stolen Funds and Information on the Bridge Exploit

Summary:

  • Harmony Protocol has offered a $1 million bounty for the return of the stolen funds from the hack of its Horizon bridge and for information on how it happened.
  • Harmony Protocols’ founder has so far identified compromised private keys as the most likely root cause of the exploit.

The team at Harmony Protocol has offered a $1 million bounty for the return of the $100 million in crypto stolen from the hack of its Horizon bridge.

The team at Harmony is also offering the same $1 million bounty for information on how the exploit happened. They also pointed out that ‘no criminal charges’ will be pursued once the funds are returned, as seen in the following tweet by the team.

We commit to a $1M bounty for the return of Horizon bridge funds and sharing exploit information.

Contact us at [email protected] or ETH address 0xd6ddd996b2d5b7db22306654fd548ba2a58693ac.

Harmony will advocate for no criminal charges when funds are returned.

— Harmony 💙 (@harmonyprotocol) June 26, 2022

Crypto Community Suggests $1M is too Low of an Incentive.

However, the $1 million bounty for the return of $100 million in stolen funds has been considered a drop in the ocean by the crypto Twitter community, who believe the offer should be much higher. Below are a few samples of the crypto-twitter community’s response to the $1 million bounty.

Didnt they take about 100 million ? What the hell is 1 million gonna do ? – by @pleasesendmebtc.

I doubt 1m will suffice the hacker, might need to up for and hope they answers and sadly big partial of my funds are in Aave Harmony, oh well – by @0xTusuki.

Really? Only 1M out of 100M? I feel like you gotta offer at least 8M to be taken seriously…- by @0xButthole

Harmony Protocol Founder Identifies Compromised Private Keys as the Probably Cause of the Hack.

In another Twitter thread, Harmony Protocol’s founder and CEO, Stephen Tse, explained that the team had so far not found any evidence that the $100 million exploit was caused by a malicious smart contract.

However, they had identified some evidence that compromised private keys caused it. He explained:

Incident response has found no evidence of smart contract code breach. No evidence of any vulnerability on the Horizon platform was found. Our consensus layer of the Harmony blockchain remains secure.

The team has found evidence that private keys were compromised, leading to the breach of our Horizon bridge. Funds were stolen from the Ethereum side of the bridge.

He also added that the private keys were encrypted and stored by Harmony using a passphrase and a key management system. But somehow, the attacker was able to access and decrypt several of these private keys, which were then used to sign unauthorized transactions, stealing BUSD, USDC, Ethereum, and WBTC from the Horizon bridge.

Mr. Tse also quickly pointed out that investigations into the incident are still ongoing.

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Ethereum

Morgan Creek Digital is Reportedly Planning to Raise $250M to Counter FTX’s BlockFi Bailout Offer

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Morgan Creek Digital is Reportedly Planning to Raise $250M to Counter FTX’s BlockFi Bailout Offer

Summary:

  • Morgan Creek Digital is reportedly looking to raise $250 million to counter FTX’s line of credit to BlockFi.
  • The move resulted from one of FTX’s terms for the credit line to BlockFi, to wipe out shareholders, including Morgan Creek Digital.

Morgan Creek Digital, the hedge fund founded by Mark Yusko, Jason Williams, and Anthony Pompliano, is reportedly looking to raise $250 million to counter FTX’s line of credit to BlockFi.

FTX’s Offer to Lend $250 Million to BlockFi Came With a Catch.

According to a report by Coindesk, Morgan Creek Digitial is rapidly trying to come up with an equity offer to counter that of FTX.

The report explains that according to Mark Yusko, the FTX credit line had a catch in that it would wipe out all BlockFi’s existing shareholders, giving the crypto exchange the option of buying BlockFi ‘at essentially zero price.’ FTX exercising the option would result in all BlockFi’s shareholders, including Morgan Creek Digital, losing all equity in the company.

In addition, Mr. Yusko acknowledged that at the time of the offer, BlockFi’s founders Zac Prince and Flori Marquez had a valid reason to consider it. FTX’s offer was the only one that would not subordinate clients’ assets to a potential rescuer. This means that other offers meant depositors and BlockFi clients would have to wait till the new lender recouped their investments to get back their assets on the platform.

FTX’s BlockFi Deal is Probably Three Days Away from Being Finalized.

Mark Yusko also told investors in a leaked call that the deal between FTX and BlockFI was probably three days away from being sealed. He added:

The only alternative is to raise an equivalent amount in equity and that’s what we’re working on. I would say it’s a 10% possibility but not zero.

Morgan Creek Digital Could Pursue a Joint Deal with FTX for BlockFi.

Also during the leaked call, Mr. Yusko floated the idea of a possible joint deal with FTX with both entities putting up a portion of the capital to ‘bail out’ BlockFi. He said:

I will definitely try to pursue [a joint deal]. Not that I have SBF on speed-dial, but I could probably get that call.

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