🏓 Genesis layoffs 2.0
Hi TC folks. Genesis is in a bad game, but not bankrupt... yet. DCG follows. Twitter is no longer a safe place for 3ac founders, and Vauld and Nexo can't find common ground.
Your Favorite Crypto Digest From TradeCrypto.com #206
Daily statistics update:
Today's market is red. BTC is trading at $16,811; ETH is around $1,249.
💪 Bitcoin dominance: 39.70%
📉 Total Crypto Market Cap: $815.03B
😲 Fear and greed index: 26 (Fear)
🚀 Gainers (Top-100)
• Helium (HNT) +8.49%
• Cardano (ADA) +2.30%
• Monero (XNR) +2.05%
😭 Losers (Top-100)
• Neutrino USD (USDN) -8.21%
• Tron (TRX) -7.70%
• EthereumPoW (ETHW) -6.28%
Genesis cuts 30% jobs
As a reminder, the collapse of 3ac led to a 20% job cut at Genesis in the summer of 2022. The company managed to survive 🧗 not without the help of its parent company DCG, but whether that was really something clean is another story. This time around, Genesis is cutting another 30% of its jobs or saying goodbye to 145 employees from its sales and business development departments. They say the current market is sick 🤧. It seems like their genius plan to find a solution to resume its lending product has hit people hard. Well, that's always the case.
DCG shuts down its subsidiary
On the same day as Genesis, DCG swallowed a slim pill 💊 and divested itself of its asset management subsidiary, HQ. Maybe there wasn't enough wealth to manage. As of Nov 2022, HQ managed around $3.5b. Also, wonder why anyone would adjust to the "prolonged crypto winter" when they say everything was fine even after the hard collapses of this cycle? That's right, DCG clients are asking the same question. Can you bet that DCG is actually doing well 🤪?
3AC pinged with subpoenas
Kyle Davies and Su Zhu don't really like a company 🙅 of liquidators. They prefer to get on Twitter and say bad things about other companies' troubles. But that's officially over now. 3acliquadators tweeted the two and tagged them in a post with subpoenas. No more ghosting, or straight to jail. Mr. Su and Mr. Davies should come back to Singapore ✈️.
Nexo fights with Vauld
Once again, Vauld refuses to be taken over 100% by Nexo. The mastermind behind this decision is Vauld's CEO, who, for some reason, doesn't really like Nexo 🤬. Nexo made a new offer on December 26, but it was anonymously rejected with suspicions that the CEO influenced the decision. The refusal states again it's concerned about Nexo's exit from the U.S. and its overall financial health. Nexo isn't stupid 🤥. It said if Vauld gets off like this, it owes the company $20 million. Get ready for a new court case.
Mutant Ape Planet CEO сharged with rug pull
Rug pull is when someone feeds 🍽 you empty promises. and Mutant Ape Planet NFTs developer pulled it off by saying his own token and the Metaverse were coming, but that didn't happen. And it won't happen because the U.S. Department of Justice has charged developer Aurelien Michel with a $2.9 million international fraud. He could even claim that the rug wasn't his intention but that the community was too toxic 👿. After the big boom early last year, the activity around Mutant Ape Planet dried up; the developer said the community was toxic because they became skeptical and stopped buying it.
Conclusion: Admittedly, the situation surrounding DCG and its subsidiaries is no longer funny. The layoffs will probably help the companies stay afloat. But that solution is only temporary. While they gain their time, their customers lose their money. And the market is falling today. Don't sweat it. I'll see you again soon.
See you tomorrow, folks! Thanks for being with us.
Brought to you by Maksym, Yana, and Aleksandar :)
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TC lads here are working quite hard and from time to time we gotta chill. Recently, we got ourselves a ping pong table to complete our lazy-bag-stuffed chill zone. As you all know our main hobby is Crypto, so even while we play we don’t really shut up about it. Ever.
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