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Coinbase Lays Off 18% of Staff Preparing for Possible Recession

Daily Market Wrap

  • Crypto market cap: 0.96 trillion, up 2.38%

  • BTC price stands at USD 22,528, up 1.69%

  • ETH price stands at USD 1,229, up 0.80%

  • Top gainer: Basic Attention (BAT), up 21.15%

  • Top loser: UNUS SED LEO (LEO), down 7.19%

News of the Day

Why it matters:

  • Coinbase will cut 18% (around 1,110 employees) of full-time jobs, according to an email sent to employees on Tuesday morning

  • Coinbase CEO Brian Armstrong said that the cost-cutting plan is to manage Coinbase’s burn rate and increase efficiency due to a possible recession and a “crypto winter”

  • Coinbase is not the first crypto company to announce a slew of job cuts –lending platform BlockFi reduced its headcount by 20% on Monday, and is also planning to cut about 260 jobs

Crypto daily spotlight

Brief introduction: Three Arrows Capital is a hedge fund manager that provides risk-adjusted returns. The firm was established in 2012 by Su Zhu and Kyle Davies and is headquartered in Singapore, Central Region, Singapore.

Why it matters:

  • The Block reported that Three Arrows Capital hangs in the balance as the firm faces potential insolvency after being liquidated by its lenders

  • Three Arrows Capital has maintained limited contact with its counter-parties since being liquidated, and the liquidation totalled to at least $400 million, anonymous sources revealed

  • “We are in the process of communicating with relevant parties and fully committed to working this out,” Su Zhu tweeted on Wednesday.

  • According to on-chain trackers, a wallet tagged as “3AC on Nansen” has been aggressively paying back AAVE debt against its 223k ETH / $264mm position to avoid liquidation; however, Nansen has removed the “3AC” tag

Daily sector tracker

Daily News Roundup

  • Three Arrows Faces Possible Insolvency After Incurring $400 Million in Liquidations

  • OpenSea Migrates to its Self-Developed Seaport Protocol

  • New Crypto Bill Clarifies That Unrealised Staking Should Not Be Taxed as Income

  • EU Lawmakers Call For Speeding Up the Passage of Crypto Law

  • Celsius Network Hires Restructuring Lawyers After Account Freeze

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