Crypto Ecosystem Faces Internal Reorganization and External Scrutiny
Crypto Ecosystem Faces Internal Reorganization and External Scrutiny
The Ethereum Foundation has announced a significant workforce reduction, cutting 20% of its staff as part of a strategic reorganization. This comes amidst broader scrutiny on the crypto industry, with Thailand expanding a probe into a $300 million Chinese money laundering network involving illegal crypto mining.
Ethereum Foundation Restructures Amidst Workforce Reduction
In a move to become "leaner," the Ethereum Foundation, the non-profit organization supporting the Ethereum ecosystem, has cut 54 jobs, representing 20% of its workforce. The reorganization aims to focus into specific "clusters" and follows a series of leadership departures, signaling internal shifts within one of the blockchain industry's most prominent foundations.
Thailand Expands Probe into $300M Crypto Laundering Scheme
Meanwhile, global regulatory attention on illicit crypto activities continues to grow. Thailand's Department of Special Investigation (DSI) is expanding its probe into a "grey capital" network originating from China, accused of laundering over $300 million annually. The network allegedly utilized illegal crypto mining operations and traditional cash mules to facilitate its illicit financial activities, highlighting ongoing challenges in combating financial crime within the digital asset space.