Crypto Weekly Roundup: Indian Crypto Exchanges Cut Staff
From Pepe scam to Elon Musk’s X introducing crypto payment, what happened in the crypto market this week
This week,
crypto asset platform CoinSwitch has laid off 44 employees, citing redundancy in the customer support team.OKX, one of the 10 largest crypto exchanges by trading volume, is planning to enter India and recruit local employees to explore potential Web3 applications, the firm’s chief marketing officer told CoinDesk on Wednesday.We’ll explore recent happenings, like the Pepe Scam, Binance’s Russia departure, and Elon Musk’s X introducing https://www.analyticsinsight.net/crypto-daily-roundup-sec-adopts-cyberattack-disclosure-rules/ payment.
Pepe Coin: Massive Token Heist
A surprising turn of events has struck the
PEPE cryptocurrency community, revealing a well-thought-out plan that resulted in a significant amount of Pepe’s tokens being transferred to CEX.The $PEPE team identified weaknesses in the multi-signature transfer method for safe token movement.However, some insiders within the founding team misused this system.
Three of the four Pepe founders executed a clever scheme, siphoning off an astonishing 60% of the total token value, equating to around US$15 million.
Crypto Powerhouse Binance Mulls Russian Departure
Binance, the world’s largest cryptocurrency exchange, is reevaluating its Russian business, including the possibility of a full withdrawal from a once-important market that has become a headache.“All options are on the table, including a full exit,” a spokesperson told The Wall Street Journal.Last week, WSJ reported that Binance was helping Russians move money abroad—despite the company last year saying that it had stopped working in the country, was implementing Western sanctions requirements, and had restricted trading on its platform in Russia.
Binance later moved to limit peer-to-peer trading involving sanctioned Russian banks.
OKX Planning Web3 Foray into India
OKX, one of the 10 largest crypto exchanges by trading volume, is planning to enter India and recruit local employees to explore potential Web3 applications, the firm’s chief marketing officer told CoinDesk on Wednesday.The company, which doesn’t have a global headquarters, has regional hubs in Hong Kong, Singapore, Dubai, and the Bahamas.Haider Rafique said in an interview it plans to scale up its wallet services “exponentially” by tapping into India’s much-talked-about developer community.He added that OKX has about 200,000 wallet users in India, only 5% of the nation’s Web3 users.
Elon Musk’s X Could Introduce Crypto Payments
Elon Musk’s company X has obtained a special license for Twitter.
Twitter might soon allow people to use crypto for payments, not just regular money.This license lets a company handle digital money.Musk owns X and wants to make it an all-in-one app.He wants people to talk, share things, and maybe even use crypto to pay through X.
CoinSwitch Layoffs 44 Employees
Crypto asset platform CoinSwitch has laid off 44 employees, citing redundancy in the customer support team.
This is the first layoff at the Bengaluru-based firm.A CoinSwitch spokesperson said, “…we right-sized our customer support team to align with the present volume of customer queries on our platform.This impacted the roles of 44 members of our customer support team, who voluntarily resigned after a detailed discussion with their managers earlier this month.” Moneycontrol reported the development first and said the operations team had layoffs.However, the CoinSwitch spokesperson added that no separate operations team exists for its Virtual Digital Assets Business.
Shibarium’s Road to Recovery
Parallelly, the crypto community is closely watching Shibarium, the layer-2 network of the viral Shiba Inu token.After a phase where it underwent private testing, the network is gearing up for its public return.Earlier technical challenges plagued Shibarium, including block production issues and a significant setback involving the unexpected trapping of 965 ETH.These events prompted rigorous enhancements, boosting Shibarium’s scaling and capacity by an impressive 1,500%.
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