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Crypto cull – Coinbase and BlockFi lay off hundreds of staff amid crash

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It’s no secret crypto is crashing, but now the digital tokens are hitting real people too

Crypto exchanges Coinbase and BlockFi are laying off hundreds of staff

Employees hit by cryptocurrency crash as bitcoin price has plummeted in recent weeks

So as crypto exchanges struggle to survive, a fifth of their workforce are taking the hit in order to survive the second crypto crash 

Employees at Coinbase, once the flagship US cryptocurrency exchange, will learn whether they have lost their jobs in an email shortly.

Those who have been laid off will be notified on their personal email account, because their access to company systems will be terminated immediately.

Coinbase’s cuts follows from its smaller competitor BlockFi.

The exchange announced a 20 per cent reduction in staff, affecting about 170 people, on Monday.

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Sam Bankman-Fried attempting to resolve bail conditions dispute

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Sam Bankman-Fried is in talks with U.S. prosecutors to resolve a dispute over his bail conditions

The 30-year-old former billionaire has been blocked from contacting employees of FTX or his Alameda Research hedge fund, after prosecutors raised concerns he may tamper with witnesses.

Bankman-Fried has pleaded not guilty and is under house arrest at his parents’ California home.

Once worth an estimated $26 billion, Bankman-Fried was arrested in December after FTX collapsed.

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Crypto heists in 2022 totalled $3.8 billion

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Last year was the worst on record for cryptocurrency heists, with hackers stealing as much as $3.8 billion, led by attackers linked to North Korea

A Chainalysis report found hacking activity that “ebbed and flowed” throughout the year, with “huge spikes” in March and October.

October was the biggest single month ever for cryptocurrency hacking, with $775.7 million stolen in 32 separate attacks.

North Korea-linked hackers such as those in the cybercriminal syndicate Lazarus Group have been by far the most prolific cryptocurrency hackers, stealing an estimated $1.7 billion worth of in multiple attacks last year.

North Korea has denied allegations of hacking or other cyberattacks.

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Sam Bankman-Fried banned from communication with FTX

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A U.S. judge has banned former FTX founder Sam Bankman-Fried from contacting current and former employees

Federal prosecutors asked for this ruling, as they believe Bankman-Fried may tamper with witnesses or destroy evidence in his criminal fraud case.

It was revealed the 30-year-old tried to send a message to someone known as ‘Witness 1″ a few weeks ago, proposing to have a constructive conversation with them.

Bankman-Fried was arrested in December on charges of looting billions of dollars of FTX customer funds, and lying to investors and lenders.

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