Coinbase employees are still being laid off despite Bitcoin’s rally.

Being an employee in the tech industry got a lot worse this past week after coin base said it will reduce its workforce by almost 20 percent.

Coinbase CEO (and Lex Luthor lookalike) Brian Armstrong told the employees last week that the world’s second-largest cryptocurrency exchange needed to lay off around 950 people in a bid to save costs in light of the prevailing macroeconomic conditions.

Some of these conditions included the spectacular fall of the rival FTX, which the CEO did not explicitly name. However, he acknowledged an exacerbated downward trend in the crypto market.

Coinbase had previously let go of 1,100 people in June of last year in an attempt to get leaner, and the latest cuts aim to do the same. “The onus falls on me as CEO,” Armstrong wrote in a memo to employees, adding that “in hindsight, we could have cut more at the time.”

While things look bad on Coinbase, they are no better on Binance. A investigation report Forbes indicates that investors are pulling far more assets from the world’s largest cryptocurrency exchange than its CEO, Changpeng “CZ” Zhao, says.

According to the report, Binance has already shed some $12 billion in assets in less than 60 days, and if this trend continues, investor withdrawals could reach critical mass, spelling trouble for the company that was busy celebrating victories in Sweden and Bahrain last week.

CZ is often cited as a central character in the drop of FTX due to his rivalry with former FTX CEO Sam Bankman-Fried aka SBF, who seemed to agree with that characterization across a wide range general description “pre-mortem” recently posted.

Of the three main reasons for his company’s downfall, he said one was “an extreme, rapid and targeted crash precipitated by the CEO of Binance” which finally turned out on users trying to withdraw their assets, only to find they couldn’t because the company simply didn’t have the funds to pay for them (despite earlier assurances that wasn’t the case).

In the same blog post, SBF said it “did not steal funds, and I certainly did not save billions” noting that, despite everything, “a very substantial recovery remains potentially available.”

The latter is borne out by the fact that the lawyers overseeing FTX’s bankruptcy proceedings say they have recovered more than $5 billion in liquid assets and plans to raise more money by selling the company’s non-core investments that were valued at $4.6 billion.

With so much going on, Binance saw a rise in trending interest, landing at #55 on HackerNoon. Ranking of technology companies. Meanwhile, Coinbase was in 81st place.

Hodl gang

As cryptocurrency exchanges battled their demons, something unlikely was happening in the crypto markets: a meeting in the price of Bitcoin. In what must be music to the ears of the “hodl” gang, Bitcoin broke through the $20k barrier for the first time in over two months.

Miss El Salvador was so happy with this news that she decided to dress in a suit inspired by the OG cryptocurrency in the ongoing Miss Universe beauty pageant (lol). Joking aside, the real reason she dressed up as the female version of Bitcoin was to celebrate El Salvador’s decision to become the first country in the world to adopt the cryptocurrency as legal tender over two years ago. Reuters informed.

At this point, it is nobody knows if Bitcoin will continue to rise and hit the crazy highs it did in 2021 before spectacularly crashing in 2022, but, let’s wait!

Musk breaks the Rubik’s cube of business

Elon Musk, now the world’s second-richest man, has cracked the code for doing business in tough times: offer shit for free or for less. And that’s exactly what two of his companies were doing last week.

According to The Wall Street Journal, TwitterWhat did you experience one new low after another after its sale to Musk, has offered to match ad spend of up to $250k if brands decide to use the social media titan’s platform to get the word out.

The move effectively gives brands free publicity and could be a boon for some teams since marketing and sales budgets are the first to go during a recession.

Meanwhile, Musk’s other company, tesla, has decided to cut the price of its vehicles by 20 percent to prevent competitors from taking away its market share. While the move is likely to increase demand, consumers who have recently purchased a Tesla vehicle are understandably unhappy and rate the discounts as “punched in the stomach.”

In other news..

  • Goldman Sachs Let it go of 3,000 of its employees in a cost-cutting measure. Meanwhile, Blackrock, another giant in the financial sector, has decided Let it go of 500 individuals.
  • You no longer need Xzibit to Pimp Your Ride to have the privilege of playing video games in your car Sony will now do that for you. The company is partnering with Honda to launch its own spin on an electric vehicle (calling it the Afeela) that I let you play Playstation video games.
  • Ubisoft, the publisher behind titles like Assassin’s Creed, painted a bleak picture for its future and has decided to cancel three unannounced projects as part of a general restructuring.
  • Jobs are safe from AI, right? A new report indicates that CNET has been publishing AI-written articles for months, though the rise of the “robot reporter” goes far beyond what is being reported on CNET, as evidenced by this New York Times Article of 2019.

And that’s a wrap! There’s still time for you tell us about your 2022 and gain some internet credibility, and if you’re one of the thousands affected by the ongoing layoff decisions in the tech industry, you may want to share your story.

See you next week. PEACE! ☮️

— Sheharyar Khan, Editor, Business Tech @ HackerNoon

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