The biggest news in the cryptoverse for Jan. 5 saw two notable companies, Silvergate and Genesis, lay off a large portion of their staff. Meanwhile, authorities ordered the detention of Mango Markets hacker Avraham Eisenberg while the SEC took action against a scam called CoinDeal. Plus, new research about the behavior of Bitcoin whales.
CryptoSlate Top Stories
Silvergate Capital bank forced to sell assets at loss, fires 40% of staff
Silvergate Capital was forced to sell assets at a loss in order to cover an $8.1 billion bank run. In response to the crisis, Silvergate laid off approximately 200 employees — 40% of its staff — and announced plans to “pare back its businesses,” according to The Wallstreet Journal.
Genesis sacks 30% of workers, may file for Chapter 11 bankruptcy
Beleaguered crypto lender Genesis has sacked 30% of its workers and may file for bankruptcy, The Wall Street Journal reported Jan. 5, citing people familiar with the matter.
Genesis previously laid off 20% of its workforce in August 2022, citing market conditions.
In a Jan. 4 statement, Genesis CEO Derar Islim gave hints about this new development. Islim wrote that Genesis was “reducing costs and driving efficiencies” in all of its businesses.
US Court orders detention of Mango Markets exploiter over flight risk
A U.S. district court has ordered the detention of Mango Markets’ exploiter Avraham Eisenberg over concerns that he may flee before the trial is finished.
Avraham Eisenberg was
