Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting the Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
KuCoin denied a report claiming it’s gearing up to cut 30% of its staff, saying any cuts would follow a “normal” employee performance review. Meanwhile, crypto sleuths found data showing over $60 million was siphoned from the Alphapo exploit and Japan’s Prime Minister Fumio Kishida showed big support for Web3.
KuCoin denies mass layoffs, cuts part of ‘normal’ operations
Crypto exchange KuCoin dismissed rumors that it was gearing up to cut 30% — around 300 — of its staff in the coming weeks, with a spokesperson telling Cointelegraph it “has not initiated any alleged layoff plans.”
The spokesperson added any potential cuts would be part of its semi-annual employee performance review where “there might be some personnel adjustments as needed, which is a normal process in organizational development.”
In a July 25 tweet, KuCoin CEO Johnny Lyu claimed it’s still operating smoothly and potential staff cuts would come from its performance evaluation that’s part of its plan to stay “competitive and dynamic.”
The rumours started with a July 25 report from independent crypto journalist Colin Wu claiming KuCoin’s staff cut was due to strict know-your-customer policy in the United States leading to a decline in the exchange’s profits. Wu later backtracked on the claims.
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Alphapo exploit reaches over $60M in losses
The alleged hack of crypto payment provider Alphapo has swelled to over $60 million in losses, far exceeding the previously reported $31 million, according to on-chain sleith ZachXBT.
In a Twitter thread, ZachXBT identify dan additional $37 million that was drained from old addresses on the Tron and Bitcoin networks. Alphapo told Cointelegraph that deposits and withdrawals were being reinstated on newly created addresses.
The on-chain sleuth blamed Lazarus Group, a hacking organization with ties to the North Korean government, for the attack.
News of Alphapo’s hack first surfaced on July 22. As Cointelegraph reported, attackers stole the funds on the Ethereum network, swapped them for Ether
and then bridged the assets to the Avalanche and Bitcoin networks.
Cointelegraph reported another security breach on July 25 after lending app Era Lend was exploited for $3.4 million worth of crypto. The attacker drained the funds using a “read-only reentrancy attack.
Japan PM reaffirms Web3 plans as Binance announces imminent launch
Japanese Prime Minister Fumio Kishida reaffirmed the country’s inclination toward the Web3 industry, while acknowledging the technology’s potential to transform the internet and kindle social change.
On the same day, Binance CEO Changpeng Zhao announced the cryptocurrency exchange would launch its services on a new Japanese platform in August 2023.
“I hope that the Web3 industry will regain its attention and vitality, and that various new projects will be born,” Kishida stated during a keynote speech at WebX conference in Tokyo, Japan.