Ethereum News Daily Official TheBitTimes.com

Binance is reportedly laying off over 1,000 employees as part of a restructuring effort that could result in a reduction of more than a third. Wall Street Journal shared an insight on June 14. According to an unnamed Binance spokesperson, 1,000 people have already been laid off. They added that up to 3,500 people will lose their positions in Binance by the end of 2023. A week earlier, several senior executives, including chief strategy officer Patrick Hillmann and general counsel Hong Ng, also shared their departure from the company. Moreover, in March 2023, the company responded to rumors of 20% layoffs, which were not officially confirmed by then. You might also like: Binance responds to layoff rumors, denies 20% staff cut Binance’s CEO, Changpeng Zhao, quickly reacted to the layoffs on Twitter in his usual fashion, accusing the media of spreading fear, uncertainty and doubt (FUD). However, CZ still confirmed that some job cuts eventually took place. As we conti...

Crypto execs suggested that the "extremely challenging" times forced them to cut jobs in order to “weather this extended" crypto winter. Several crypto firms have made job cuts this week amid the ongoing crypto winter, retaining “impactful” employees as they prepare for a “longer downturn.” At least 216 jobs were slashed between three crypto firms – open-source software laboratory Protocol Labs, blockchain data firm Chainalysis and U.S. cryptocurrency exchange Bittrex, with reductions of 89, 83 and 44 employees respectively. Juan Benet, CEO of Protocol Labs, the parent company of Filecoin, announced the job cuts in a blog post on Feb. 3 stating that the company has had to focus its headcount “against the most impactful and business critical efforts.” He stated that the company's decision to cut “89 roles,” approximately 21% of its workforce, was to ensure it is well positioned to “weather this extended winter.” Benet suggested that the company must “prepare for a lo...