A New Round Of Layoffs Hit ConsenSys

Plus a major weekend DeFi exploit makes off with $25m

Happy Monday, Blockfolians

The Lede

A bummer of a lede today, with a fresh round of layoffs at ConsenSys. The Ethereum hub is laying off over 90 people, roughly 14% of staff. This comes after another similar sized layoff in February.

Insiders Say ConsenSys Faces a Hurdle to 2019 Rebound: Joe Lubin's ...

The culprit this time? You guessed it. Economic insecurity from the COVID-19 fallout. As businesses and partners from all industries lock down their spending, it was probably inevitable that some of it would hit ConsenSys too.

The good news is that there are still 550+ people at the organization working to build a decentralized future.

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Highly Relevant Reading

  • Filecoin’s mainnet launch has been pushed back again to July/August, due to changes mandated by an internal security audit

  • Libra adds 50 job openings in Ireland as well as a new member to the Association in the NGO Heifer International

  • Coinbase picks up an ex-Barclay’s exec to head institutional coverage

  • Days after announcing $1.5m raise, defi platform dForce suffers $25m exploit


Community Commentary

Podcaster and Spartan Group investor Jason Choi breaks down the dForce exploit in more detail
Coinbase CEO Brian Armstrongs shows 4x growth in $1200 buys/deposits the same week that the $1200 stimulus checks hit.

A Really Big Number We Should Be Paying Attention To

$6,250,000,000

That’s the aggregate market cap of Ethereum-based stablecoins - a growth of 95.38% year to date. Crypto dollarization is wild, man.


Final Thought

What a day for oil.