STORY: From job cuts at Coinbase to World Liberty Financial accusing Justin Sun of smear campaign...
This is Crypto Weeky.
:: Crypto Weekly
:: Coinbase cuts
Coinbase is cutting about 700 jobs, or roughly 14% of its workforce...
as the crypto exchange trims costs and retools its business for the AI era.
The layoffs come amid a slowdown in crypto trading after digital assets retreated from their October highs, as investors grow more cautious.
CEO Brian Armstrong said volatile markets and the speed of AI have led the company to "an inflection point," ...
adding that "The biggest risk now is not taking action."
:: American Bitcoin
American Bitcoin, backed by two of U.S. President Donald Trump's sons, reported a narrower first-quarter loss.
It was helped by stronger revenue from Bitcoin mining.
The company leaned on improving mining efficiencies at its sites to offset the price headwind in the midst of a bear crypto market.
Net loss was $81.8 million in the three months ending in March - an improvement on last year's $100 million loss.
:: Bullish to buy Equiniti
Bullish says it will buy transfer agent Equiniti in a deal valued at $4.2 billion.
That's as the crypto exchange looks to establish infrastructure to bridge blockchain technology...
with traditional capital markets.
:: Defamation lawsuit
World Liberty Financial filed a defamation lawsuit against Hong Kong-based crypto entrepreneur Justin Sun.
It's as a dispute escalates between the project and one of its most prominent backers.
World Liberty Financial is the crypto venture co-founded by Donald Trump and his sons.
It accused Sun of launching a "public smear campaign."
alleging he had improperly transferred some of his WLFI tokens that come with voting and governance rights...
to crypto exchange Binance.
In April, Sun sued World Liberty, saying the company had illegally frozen the tokens he had bought.
