As the crypto industry goes through one of its most difficult phases, the Ethereum Foundation has announced cutting around 20% of its staff. The drastic job cut, announced on June 23, affects
As the crypto industry goes through one of its most difficult phases, the Ethereum Foundation has announced cutting around 20% of its staff.
The drastic job cut, announced on June 23, affects 54 employees, as the team said it aims to become “leaner and more focused” in running operations.
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Over the past few months, the Ethereum Foundation has seen the exit of several top executives such as co-executive directors Hsiao-Wei Wang and Tomasz Kajetan Stańczak, protocol co-lead Barnabé Monnot, protocol cluster lead Tim Beiko, contributors Josh Stark and Trenton Van Epps, researchers Julian Ma and Carl Beekhuizen, and senior solutions architect Pablo Voorvaart.
Co-founder Vitalik Buterin also revealed that the Ethereum Foundation is reducing its budget by roughly 40% this year as it transitions into an endowment-based organization.
While it earlier spent 15% of its remaining funds annually, it aims to cut it to 5% after 2030, Buterin added.
As the Ethereum Foundation reduces its budget and cuts staff, a mysterious trader shorted millions of dollars worth of ETH, the blockchain network's native token, on Hyperliquid.
Hyperliquid is a decentralized exchange built for crypto investors who trade highly leveraged perpetual futures.
Though Hyperliquid traders can't be identified by name, their blockchain wallet addresses are public. This is why these traders are called "mysterious traders."
The crypto trader "pension-usdt.eth," with the address "0x0ddf9bae2af4b874b96d287a5ad42eb47138a902," opened a thrice-leveraged short position on 50,000 ETH on June 21, as per the onchain tracker Lookonchain.
0x0ddf9bae2af4b874b96d287a5ad42eb47138a902, Source: Hypurrscan As per Hypurrscan, the trader's short Ethereum position is valued at more than $83 million at press time.
The trader was sitting on an unrealized profit of $3.67 million on this position at the time of writing.
ETH/USD, Source: DecibelEthereum has lost more than 40% of its value this year as it goes through a turbulent period amid the crypto downturn.
The cryptocurrency was exchanging hands at $1,659.40 at press time, as per Decibel.
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