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Is Binance CEO Trying to Tell Us Something About Kraken?

2 mins
Updated by Ryan James
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In Brief

  • Kraken lays off 30% of its workforce, comprising approximately 1100 employees.
  • Last month, various other crypto exchanges laid off their staff while BlockFi and FTX filed for bankruptcy.
  • The Binance CEO deleted his tweet again and faced backlash from the community.
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Kraken lays off 30% of its workforce to survive crypto winter. But is CZ trying to tell us something about Kraken?

Jesse Powell, the Co-Founder and CEO of Kraken, announced that they are reducing the workforce by approximately 1,100 people, or 30 percent, to adapt to current market conditions. Kraken will pay 16 weeks of base pay to the employees impacted by the layoff.

Crypto Firms Struggle as the Bear Market Intensifies.

Kraken is the latest victim of the crypto winter, but just a couple of days ago, yet another exchange – BlockFi, filed for Chapter 11 Bankruptcy. The Argentine crypto exchange – Lemon Cash also had to let go of 38% of its workforce to survive the crypto winter. Metaplex, a decentralized NFT protocol, also had to part ways with several of its team members last month.

According to a CoinGecko report released on Nov. 14, the crypto sector saw 4,695 layoffs, which comprise 4% of the entire tech industry.

crypto layoffs
Source: CoinGecko

Binance CEO Takes a jab at Kraken but Faces Backlash

Changpeng Zhao (CZ), the CEO of Binance, seems to indirectly take a jab at Kraken due to the layoffs. He warned users to beware of exchanges offering high APY and having layoffs. 

CZ Binance deleted tweet

The community called out CZ for creating FUD (Fear, Uncertainty, Doubt) around his competitors. They questioned him about the Twitter layoffs because CZ invested in Elon Musk’s acquisition of Twitter. CZ later deleted this tweet; he has done it on multiple occasions. The community believes CZ creates FUD and later deletes the tweet.  

Earlier, he tweeted, “If an exchange have to move large amounts of crypto before or after they demonstrate their wallet addresses, it is a clear sign of problems.” But on Monday, whale alert reports a wallet transferring over $2 billion worth of Bitcoin from Binance to some unknown wallet. CZ claimed that it was for audit, but he faced backlash for the irony. The community feels that CZ is a ticking time bomb. 

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Harsh Notariya
Harsh started investing in crypto during the 2021 bull market. He took the opportunity of the market crash in May to learn more about Bitcoin and blockchain technology. Since...