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Crypto World

Crypto firms cut jobs as bear market and AI shift bite

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Crypto firms cut jobs as bear market and AI shift bite

An ongoing bear market combined with wider global economic struggles has hit crypto firms hard, causing delays, staff layoffs, and AI pivots. 

This week, crypto protocol Algorand announced it was reluctantly reducing its workforce by 25%. 

Algorand claimed the “tough” layoff was in response to “the uncertain global macro environment as well as the broader downturn in crypto markets.”

Indeed, as the year continues, bitcoin’s price is struggling to gain upward momentum after dropping to $63,000 in late February.

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The escalating war between the US, Irael and Iran is also causing the price of oil to rocket, and threatens deeper economic turmoil across the globe.

Crypto layoffs, cuts, and delays

Firms including Gemini, Messari, Crypto.com, OP Labs, OpenSea, and Kraken, have announced various cuts to their operations, be it through trimming staff or delaying planned operations.

Meanwhile, Crypto.com announced a 12% staff layoff yesterday while citing an AI pivot. The firm’s CEO, Kris Marszalek, claimed the roles of the fired staff “do not adapt in our new world.”

A statement from crypto.com’s CEO Kris Marszalek on the AI pivot.

Read more: Mass crypto layoffs are a short-term solution with long-term consequences

Gemini similarly let 25% of its staff go in February, claiming AI has allowed its workforce to operate more efficiently with fewer staff. 

Gemini also let three of its execs go, including Chief Operating Officer Marshall Beard, Chief Financial Officer Dan Chen, and Chief Legal Officer Tyler Meade.

On Monday, crypto analytics firm Messari announced that it’s “doubling down” on becoming an “AI-first company,” and announced that it had let various team members go as new CEO, Diran Li, took the reins. 

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Protocol contributor OP Labs fired 20 of its staff last week in a memo that also alluded to the possibility of an AI pivot. CEO Jing Wang said, “This is about doing fewer things well, making decisions faster, and reducing coordination overhead.”

These all follow what was one of the more dramatic AI pivots from Jack Dorsey’s Block, which fired 50% of its staff (around 4,000 people) while citing the advancements AI offers to workplace efficiency.  

Jack Dorsey’s cuts caused the price of Block’s stock to surge 20%.

Read more: How bombing Iran shifted oil and bitcoin prices

This week, the NFT platform OpenSea announced that it was delaying the launch of its $SEA token because of “challenging” market conditions across crypto that may affect its launch. 

Another delay was announced yesterday to Kraken’s initial public offering (IPO). According to sources familiar with the matter, Kraken’s parent company, Payward, is pausing the IPO plans until “market conditions improve.”

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Layoffs often come with reputational costs and further long-term consequences down the line, as staff are left burdened with the workloads of their departed teammates.

However, with more companies citing AI as a reason for workforce reduction, it’s hard to ignore its ability to mitigate the burden of cutting staff.

Got a tip? Send us an email securely via Protos Leaks. For more informed news and investigations, follow us on XBluesky, and Google News, or subscribe to our YouTube channel.

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Crypto World

Google Threat Intelligence Sounds Alarm on Latest Crypto Malware Threat

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Malware, Cybercrime, Cybersecurity, Hacks

Google Threat Intelligence has identified a new form of crypto-stealing malware called “Ghostblade” that affects Apple iOS devices and is part of the “DarkSword” suite of browser-based malware tools designed to steal private keys and other sensitive information.

Ghostblade is written in JavaScript and designed for rapid data theft. The crypto-stealing malware activates, grabs sensitive data from the compromised device, and relays it to malicious servers, according to Google Threat Intelligence.

The Ghostblade malware does not run 24/7 on the compromised device, does not require extra plug-ins to function, and stops functioning after extracting data, making it more difficult to detect, the threat researchers said.

Malware, Cybercrime, Cybersecurity, Hacks
A timeline of the evolving malware threats targeting Apple iOS devices and the cybersecurity patches released to address the threats. Source: Google Threat Intelligence

The malware also includes code that deletes crash reports from the compromised device, preventing Apple from receiving them and flagging the malicious software.

Ghostblade can access and relay messaging data from the iMessage texting application for Apple devices, Telegram and WhatsApp.

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The malicious software can also steal SIM card information, identity, multimedia and geolocation data, and access system settings, according to the Google cybersecurity report.

Malware, Cybercrime, Cybersecurity, Hacks
A list of sensitive data that can be stolen by Ghostblade malware. Source: Google Threat Intelligence

DarkSword and its components are one of the latest cybersecurity threats identified by Google Threat researchers, shedding light on the evolving methods used by malicious actors to steal crypto and other valuable data from unsuspecting users.

Related: Google uncovers iOS exploit kit used in crypto phishing attacks

Hacks fall in February as malicious actors pivot to exploiting human error

Losses from crypto hacks fell to $49 million in February, a sharp decrease from $385 million in January, according to blockchain intelligence platform Nominis.

This drop reflects a pivot from code-based cyber threats to crypto phishing attempts, wallet poisoning attacks and other threat vectors that take advantage of human error, Nominis said in its report.

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Malware, Cybercrime, Cybersecurity, Hacks
Private users bore the brunt of hacking, phishing, and other crypto-theft attempts in February. Source: Nominis

Phishing attempts typically use fake websites designed to look legitimate. These fake websites often use URLs that are nearly identical to the legitimate sites they masquerade as, tricking users into visiting them.

These sites embed malware that can steal crypto private keys and other valuable data when a user accesses the site or clicks any of its elements. 

Magazine: WazirX hackers prepped 8 days before attack, swindlers fake fiat for USDT: Asia Express