Welcome to Clutch’s weekly Pocket News. Rep Katie Porter is all of us this past week. In Crypto news, Coinbase to lay off 20% of their workforce , Gemini terminates Gemini Earn , Logan Paul apologizes for CryptoZoo failure and to Coffeezilla. In Clutch News, check our module introducing DeFi. In Community Updates, SheFi’s 8th cohort applications are open, and BFF has a Twitter Space on Exploring Investment DAOs.
Let’s get it.
Get the lay of the land in our DeFi module.
Crypto exchange Coinbase announced yesterday they would lay off 950 employees, which is about 20% of their workforce. “In 2022, the crypto market trended downwards along with the broader macroeconomy,” Coinbase CEO Brian Armstrong wrote in a blog post. “We also saw the fallout from unscrupulous actors in the industry, and there could still be further contagion.” Many tech companies have recently announced layoffs due to aggressive hiring during the upturn.
After releasing a retaliation video against Coffeezilla, YouTuber Logan Paul apologized for his CryptoZoo failure. Last month, Coffeezilla called Paul’s NFT project, CryptoZoo, a scam in a three-part video series. Paul responded video attempting to discredit CoffeeZilla with low-hanging fruit and concluded the video by threatening to sue him. Since then, Paul has taken down the video and taken back his threats to sue.
Crypto exchange Gemini told Gemini Earn customers in an email on Tuesday that they are terminating the Gemini Earn program. The email stated, “This officially terminates the Earn Program and requires Genesis to return all assets outstanding in the program. Existing redemption requests are not impacted and continue to await fulfillment by Genesis.” A spokesperson for Genesis said the company does “not agree with everything that Gemini has said” and was “disappointed that Gemini is waging a public media campaign despite ongoing productive private dialogue between the parties.”
The U.S. government seized the coveted Robinhood Stake bought by former FTX CEO, Sam Bankman-Fried. The HOOD stake amounts to over $450 million and SBF wanted access to the shares bought by FTX user funds to help pay his legal fees. #unscrupulous
SheFi is a comprehensive crypto bootcamp anchored in hands-on education, experimentation, events and community, and their 8th cohort is kicking off soon.
Dates: Tuesday, January 17
Time: 4-5pm EST