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Asia Express: Binance lays off 1,000 employees due to Multichain saga's impact on users

Asia Express: Binance lays off 1,000 employees due to Multichain saga’s impact on users

Title: Alleged Control of Decentralized Web 3 Cross-Chain Router by a Single Individual

Summary:

– Chinese decentralized cross-chain bridge protocol Multichain announced its closure after its co-founder and CEO, Zhao Jun, and his sister were arrested by Chinese police.

– Concerns arose when users reported delays in fund transfers, but the company attributed it to a backend node upgrade.

– Despite attempts to downplay rumors, panic ensued when Zhao Jun became unreachable, and unauthorized withdrawals worth over $100 million were noticed.

– Zhao Jun’s sister later transferred remaining assets as an “asset preservation action” before her own arrest.

– Multichain’s development team can no longer function as they no longer have access to operational funds, users’ assets, servers, or the website.

– The reason for Zhao Jun’s arrest and the charges against him remain unknown, raising concerns about the potential seizure of funds by the state.

– Multichain’s TVL on the platform has significantly decreased to $139 million.

Title: Binance’s Layoffs and Cost-Cutting Measures Amid Ongoing Regulatory Challenges

Summary:

– Binance, on its sixth anniversary, faced backlash after reducing its staff count by up to 1,000 employees.

– The layoffs primarily affected the global and customer service sectors as part of ongoing reorganization efforts.

– The U.S. Department of Justice investigation poses a significant challenge for the exchange.

– Binance’s CEO, Changpeng Zhao (CZ), clarified that the reported numbers were inaccurate and stated that the company is still hiring.

– In response to market conditions and regulatory climate, Binance ceased employee reimbursements for various expenses.

– Binance is currently facing litigation from the U.S. SEC and CFTC for alleged securities violations and operating an unregistered exchange in the U.S.