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As predicted by many across financial services, the year has begun with mass job cuts.

The monumental collapse of FTX didn’t just destroy a crypto exchange and wipe out billions in customer deposits — it also exposed accounting irregularities at Barry Silbert’s empire, the Digital Currency Group, or DCG. That’s according to Bitcoin (BTC) billionaire and Gemini co-founder Cameron Winklevoss. The FTX blow-up caused Genesis Global Trading, another DCG firm, to pause new loan originations and redemptions — a decision that directly affected Winklevoss’ Gemini Earn program. The pause on withdrawals has been active for nearly two months, prompting Winklevoss to pen two open letters addressed to Silbert and DCG’s board. The second open letter, published this week, claimed that Silbert was “unfit” to run DCG and that there would be no way forward with him at the helm.

As predicted by many across financial services, the year has begun with mass job cuts.

Amid an ongoing spree of layoffs globally, cryptocurrency brokerage firm Blockchain.com announced that it would slash 28 percent of its workforce, or about 110 employees, owing to the ongoing market conditions impacting the crypto economy.

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Crypto exchange Coinbase will be closing down most of its operations in Japan as part of its efforts to survive in the bear market. The move is part of the company’s restructuring plan and follows the recent layoff announcement that it was reducing its employees by 20%. 

Wahi was arrested as he was boarding a one-way flight to India and was found to be carrying “three large suitcases, seven electronic devices, two passports, multiple other forms of identification, hundreds of dollars in US currency, financial documents, and other personal effects.His brother, Ishan Wahi worked as a product manager assigned to a Coinbase asset listing team and, between August 2021 and May 2022, was a member of a private messaging channel reserved for a small number of employees with direct involvement in the asset listing process.The private channel was used to discuss, among other things, “exact announcement / launch dates + timelines” that Coinbase did not wish to share with all of its employees.According to prosecutors, on at least 14 occasions Wahi passed on this confidential information to either his brother or friend, Sameer Ramani. The three would then use anonymous Ethereum blockchain wallets to acquire crypto shortly before Coinbase publicly announced that it was listing or considering listing these assets on its exchanges.

Major cryptocurrency exchange Coinbase has announced its third round of layoffs amid the ongoing bear market, reducing its headcount by a total of 950 employees, or 20% of its workforce. 

Major cryptocurrency exchange Coinbase is starting 2023 with more layoffs, letting go of another 20% of its employees in a second major wave of layoffs.

The company, which has suffered sustained losses and customer outflows in recent quarters, say it expects its full-year figures to be "within the negative $500 million loss guardrail" previously stated in a shareholder letter.The restructuring is billed as a resonse to "ongoing market conditions impacting the cryptoeconomy".

Former FTX CEO Sam Bankman-Fried has pled not guilty to all criminal charges he’s facing, including wire fraud, securities fraud and violations of campaign finance laws. In total, the entrepreneur faces eight criminal counts, which could result in 115 years in prison should he be convicted. Meanwhile, Daniel Friedberg, the controversial lawyer who served as top compliance chief at FTX, has reportedly cooperated with prosecutors and provided them with his knowledge of SBF’s use of customer funds to finance his illegal business scheme.

There’s no denying that the crypto market has been gripped by immense bearish pressure over the past year, as made evident by the fact that the total capitalization of this sector has continued to hover below the $900 billion mark for most of the year after having scaled up to an all-time high of $3 trillion in 2021.

Cathie Wood, CEO of investment management firm ARK Invest, has acquired more shares of major cryptocurrency exchange Coinbase which has lost almost 90% of its value over the past year. 

Cathie Wood, veteran investor and CEO of ARK Invest, remains bullish on the cryptocurrency industry and centralized exchanges (CEX) despite the bear market and the crypto crisis.

Binance, the world's largest cryptocurrency exchange, has remained the leader in the space, ending 2022 with a 66.7% market share compared to 48.7% at the start of the year.

Cryptocurrency exchanges are introducing various ways to buy Bitcoin (BTC) using the Apple Pay payment method. This comes as a good move for Bitcoin adoption since the Apple Pay digital wallet accounts for more than 507 million mobile wallet downloads and a dominating market share of 43.5% in the United States mobile payments market. 

The US crypto exchange Coinbase has agreed to shell out a total of $100m to settle a complaint relating to “certain historical shortcomings” in its regulatory compliance work.

Coinbase Global agreed to a $100m settlement with the New York Department of Financial Services over failures in the cryptocurrency broker’s compliance program.

The DFS investigation found that Coinbase's Know Your Customer/Customer Due Diligence, Transaction Monitoring System, suspicious activity reporting, and sanctions compliance systems were all inadequate for a financial services provider of its size and complexity. This, says the regulator, left the company's platform vulnerable to serious criminal conduct, including, fraud, possible money laundering, suspected child sexual abuse material-related activity, and potential narcotics trafficking.Early last year, the DFS took the "extraordinary step" of installing an independent monitor.

New York regulators announced on Jan. 4 that cryptocurrency exchange Coinbase will pay a $50 million fine and invest a further $50 million in its compliance program, following a settlement with the New York State Department of Financial Services.