⏸️ Binance pauses Bitcoin withdrawals
Amid market collapse
Hey Waivly Crew! 🌊 Yesterday, Binance temporarily paused withdrawals of Bitcoin “due to a stuck transaction causing a backlog.” BlockFi is cutting around 20% of its staff, according to CEO Zac Prince.
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BlockFi is cutting 20% of its staff
Crypto lending platform BlockFi will cut its workforce by around 20% as the crypto market continues to spiral downward.
CEO Zac Prince said in a tweet on Monday that BlockFi has been impacted by the “dramatic shift in macroeconomic conditions,” which have had a “negative impact” on growth.
Backed by venture capitalist Peter Thiel, BlockFi has seen incredible growth over the past few years, thanks to the surge in crypto prices and other factors. Prior to its latest cuts, BlockFi had about 850 employees, up from 150 at the end of 2020.
BlockFi isn’t the only crypto company letting staff go. On Saturday, Singapore-based crypto exchange Crypto.com announced it would lay off 60 people, or 5% of its corporate workforce. In a Twitter thread, CEO Kris Marszalek said the layoffs were part of a "difficult and necessary" decision to "ensure continued and sustainable growth for the long term."
Meanwhile, Binance, the world’s largest crypto exchange, has no plans to slow down hiring or lay off employees. CEO Changpeng Zhao shared while speaking at Consensus 2022 last week that the company will continue hiring during the crypto winter.
“We have a very healthy war chest; we, in fact, are expanding hiring right now,” Zhao said. “If we are in a crypto winter, we will leverage that we will use that to the max,” he said, adding that the company is “kicking into high gear in terms of M&A activity.”
Steam Next Fest has returned
Valve’s Steam Next Fest is back and has already kicked off this Monday. Steam Next Fest is a weeklong event that will last until June 20th. Valve will be releasing hundreds of demos for upcoming game titles and have a live stream with developers during the event.
Gamers may be overwhelmed with the amount of demos Valve is releasing, but have no fear, the company has a tool to help sort through all the game demos that are available. When Steam users go to Valve’s Next Fest page, there will be different genre pages that make it much easier to look for game demos that Steam users want to play.
The Next Fest webpage will also highlight popular upcoming games, as well as the most wish-listed upcoming game releases. Besides releasing many game demos, Valve is offering special profile badges and will be hosting live streams with developers up until June 20th. The full live stream schedule can be seen on Steam’s webpage.
The Waves
🤔 Terraform Labs CEO Do Kwon remains under pressure from SEC
🖼️ Ukraine to preserve its art and history with NFTs
📉 Crypto market cap falls below $1 trillion
📚 Arizona State University is planning classes in the metaverse
Creator Special
Orange Juice is a concept artist and writer who accepts commissions through Instagram direct messages. As of yesterday, they plan to take 20 clients this summer.
Rachel specializes in creating handcrafted jewelry, wands, and other art and display pieces made with cruelty-free bones, skulls, and crystals, that she sells on her Etsy store, ArtByWolves. All the bones used are sourced from animals that died of natural causes as a way to bring new life to their bones and turn them into something beautiful.
Binance pauses Bitcoin withdrawals amid market chaos
Amid market chaos yesterday, crypto exchange Binance temporarily paused Bitcoin withdrawals, citing a backlog caused by a stuck transaction.
The announcement was made in a tweet from CEO Changpeng Zhao, also known as CZ. He reassured the issue was quickly being addressed and that all funds were “SAFU,” referring to the exchange’s Secure Asset Fund for Users emergency insurance fund established in 2018.
CZ estimated the issue would likely be fixed within 30 minutes. Later, however, he followed up with an update saying the issue was “going to take a bit longer to fix” than his initial estimate.
“This is due to an earlier batch of transactions getting stuck from low transaction fees submitted and hence, resulting in a backlog of Bitcoin (BTC) network withdrawals. The Binance team is working on a solution to resume Bitcoin (BTC) network withdrawals soon,” the company explained.
Notably, the issue only impacted the Bitcoin network, meaning users could still withdraw Bitcoin on other networks like BEP-20.
By 11:30 AM (ET), Binance resumed withdrawals on the Bitcoin network, adding that its team is working on a long-term solution to accelerate pending transactions on the network and prevent similar situations in the future.
Own and secure your crypto with Ledger
If you’re into cryptocurrency and own crypto assets, you need a secure place to store your coins and tokens. You probably already know that you shouldn’t store your crypto on an exchange due to potential hacks, not being solely in control of your crypto’s private keys, and for other reasons, and so a hardware wallet is the way to go and the best option to protect your private keys, therefore, you should make the move to a Ledger wallet.
Ledger wallets are an extremely secure and premium way to secure, manage, and grow your crypto assets with their Bluetooth-enabled hardware wallets, and easy-to-use app which lets you manage your portfolio on the go. They let you manage multiple assets, buy, sell, grow, and exchange crypto, gain financial freedom by you being in full control and ownership of your private keys, and so much more.
The wallets are really simple to setup, and to move your crypto over to, so there’s no reason not to secure your assets and take control of your cryptocurrency now and get yourself a Ledger device. You can manage 1800+ coins and tokens directly in the Ledger Live app once you’ve got your device up and running, so you’ll always have your entire portfolio covered.
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