Crypto - Optimisus

Ethereum software firm ConsenSys to lay off employees

1 year ago 1 min read

MetaMask Developer to Make Mass Layoffs

On Wednesday, a source familiar with the matter reported to CoinDesk that Ethereum software firm ConsenSys, the company behind crypto wallet MetaMask, is planning to lay off at least 100 employees. ConsenSys, based in New York, currently has around 900 employees, according to its LinkedIn page. When asked to comment, a ConsenSys spokesperson declined to provide any additional information. This news comes amidst an ongoing downsizing trend in the tech and crypto industry this year. Coinbase, the largest U.S. cryptocurrency exchange, reported on Tuesday that it was planning to lay off around 950 employees, or about 20% of its current

The brother of a former Coinbase product manager

1 year ago 1 min read

Former Coinbase Manager’s Brother Receives 10-Month Sentence

The brother of a former Coinbase product manager, Nikhil Wahi, has been sentenced to 10 months in prison for insider trading of crypto tokens, in which he leveraged his familial connection to his brother, Ishan Wahi. The Wahi brothers were arrested in July 2022, after Ishan was accused of passing on confidential information about upcoming Coinbase listings to his brother, allowing him to invest large amounts of money into those tokens before other investors knew, giving them an unfair advantage. Nikhil generated almost $900,000 in profit trading 40 different tokens. A friend of the brothers, Sameer Ramani, was also involved

South Korea's National Tax Service is investigating Bithumb

1 year ago 1 min read

Bithumb under investigation by South Korean authorities

South Korea’s National Tax Service is investigating Bithumb, a cryptocurrency exchange based in the country, for possible tax evasion. Agents of the Seoul Regional Tax Service’s 4th Bureau of Investigation, which looks into “special tax investigations,” searched Bithumb’s headquarters. The investigation is looking into domestic and international transactions of Bithumb Korea, Bithumb Holdings, and its affiliates and whether they have been involved in tax evasion related to the ownership of Bithumb. This is not the first time Bithumb has been investigated by the NTS and its former chair, Lee Jung-Hoon, was recently cleared of fraud charges of $70 million. Additionally,

1 year ago 1 min read

BlockFi CEO takes $10 million payout as company addresses FTX loan concerns

BlockFi, a crypto-lender, recently revealed that its CEO, Zac Prince, withdrew close to $10 million from the platform last year to pay taxes. The funds were made available thanks to a $400 million loan from FTX. In April of 2022, Prince withdrew $9.2 million from the BlockFi platform, followed by an additional $1.36 million in August. This loan followed a period of sector-wide contagion that caused material withdrawals from platforms across the cryptocurrency industry. In addition, FTX provided an additional $15 million to BlockFi insiders in June after a counterparty threatened litigation. BlockFi has stated that the payments were routed

1 year ago 1 min read

Wix Embraces Crypto: Integrates CoinGate Payments

On January 10, CoinGate, a prominent European crypto payment gateway, announced an integration with Wix.com (NASDAQ: WIX), a platform that allows web developers and business owners to create their own websites. With this integration, customers in Germany, Lithuania, Spain, and the Netherlands can now pay for goods and services using Bitcoin (including Lightning Network payments) and over 70 other cryptocurrencies. The CoinGate e-commerce payment gateway allows merchants to accept crypto payments and receive the funds in a single fiat currency, such as EUR, USD, or GBP. This partnership with Wix is a major step forward in the crypto space, as

1 year ago 1 min read

Russia to develop CBDC payment system amidst sanctions

Russia’s Central Bank is planning to start working on a payment system using a digital currency (CBDC) as a way to deal with ongoing sanctions caused by the invasion of Ukraine. The bank will study two possible models for this payment system in the first quarter of 2023. The first model would involve other countries making agreements with Russia to integrate their CBDC systems, while the second model would be a hub-like platform shared with other countries to make payments. Experts think that the second model is more advanced but harder to put into action. The main concern is whether

BlockFi to open its books in bankruptcy case and file assets and liabilities on Jan. 11

1 year ago 1 min read

BlockFi announces bankruptcy and intends to disclose assets and liabilities on Jan. 11

BlockFi, a crypto lending company, has revealed that it will be submitting information on its assets, liabilities, and payments received prior to its November bankruptcy filing. This includes a presentation to stakeholders on the plans for future court filings and an overview of the bankruptcy proceedings. The firm has also been in contact with 106 potential buyers since its first hearing and will ask the court for approval for the bidding process on January 30. Furthermore, BlockFi has confirmed that no executive team members have withdrawn any crypto from the platform since October 14, and that no withdrawal greater than

Coinbase announces 20% workforce reduction in latest round of layoffs

1 year ago 1 min read

Coinbase cuts 20% of workforce in latest round of layoffs

Coinbase has announced another round of layoffs, which will affect 950 employees and reduce its operating expenses by 25%. The company CEO Brian Armstrong said that, while the decision was difficult, it was necessary in order to reduce expenses and increase the chances of doing well in every scenario. This is the latest round of layoffs, after the company cut 1,100 jobs, or 18% of its workforce, in June 2022 and 60 employees in November 2022. Coinbase estimates that its plan will cost between $149 million and $163 million in restructuring expenses, with around $58 to $68 million of this

Nepal to block all websites related to crypto trading

1 year ago 1 min read

Nepal government orders internet service providers to block crypto sites

Nepal’s Telecommunications Authority (NTA) has ordered Internet Service Providers (ISPs) to block all websites related to cryptocurrency trading, warning of legal action against non-compliant ISPs. This follows a notice in September 2021 from Nepal Rastra Bank, the country’s central bank, declaring crypto trading and mining illegal and stating that encouraging others to use crypto is also a punishable activity. The NTA had issued a similar caution notice in April, asking the public to notify the regulator of any crypto-related activities, but did not call for a block on access to crypto services at that time. Despite the ban on crypto

1 year ago 1 min read

Mark Cuban subpoenaed to testify over Voyager promotion

In February, Mark Cuban, the owner of the Dallas Mavericks, is scheduled to be deposed in connection with a proposed class-action lawsuit that claims that he promoted a Ponzi scheme through Voyager Digital, a crypto lender that has now gone bankrupt. The deposition will take place on February 2 in Dallas, Texas. Additionally, two Dallas Mavericks employees will be deposed before February 23, while three plaintiffs behind the suit will be deposed before the end of the month. The lawsuit alleges that Cuban misled investors about Voyager’s services, claiming that it was cheaper and offered commission-free trading when it was

1 year ago 4 mins read

Metacade presale passes $2 million – only $690k remaining before it sells out

Metacade has exceeded expectations as investors flocked to its presale to purchase MCADE tokens, raising over $2 million for the GameFi project. The beta stage of the presale saw $1 million pour in over a matter of weeks and momentum has continued despite the 25% increase in token price. There is now only $690k remaining of the token at $0.01 before the price rises 20% in the next round. $MCADE is available to buy on the official Metacade website. Metacade is the world’s first community-run play-to-earn (P2E) arcade built on blockchain. The Ethereum-backed metaverse project will offer a thriving GameFi hub for

1 year ago 1 min read

Paycoin faces setback as South Korea suspends payments token

PayProtocol, the developer of the payments-oriented cryptocurrency Paycoin, will be applying for a local license in order to continue operating after South Korea’s Financial Intelligence Unit (FIU) ordered the suspension of its business. Paycoin, which was released by Danal Fintech Corp in 2019, has become one of the most popular payment tokens in South Korea, accepted by Pizza Hut, Burger King, 7-Eleven, and Park Seung Chol Hair-Studio, among others. On January 6th, 2023, the FIU denied the registration of PayProtocol as a crypto trading platform, citing the lack of a banking partner, as required by South Korean laws. PayProtocol had