Crypto Industry Navigates Layoffs Amid AI Integration and Persistent Security Exploits
Crypto Industry Navigates Layoffs Amid AI Integration and Persistent Security Exploits
The cryptocurrency industry is experiencing a period of significant operational adjustments and ongoing security challenges. Major exchange Kraken has announced 150 staff cuts, attributing these layoffs in part to increased efficiencies gained through AI adoption, which could also delay its potential IPO. Simultaneously, the sector continues to grapple with vulnerabilities, as evidenced by a recent $11.6 million exploit of the Verus Ethereum bridge, where stolen funds were subsequently converted into Ether.
Kraken has cut 150 staff due to the rising use of AI, adding to more than 5,000 layoffs across the crypto sector so far this year, Bloomberg reports.
Meanwhile, the crypto space continues to grapple with security issues. A Verus Ethereum bridge was reportedly exploited for $11.6M in a recent DeFi attack. Two security companies have flagged the address where the stolen funds are allegedly being held, showing the cryptocurrencies have been converted into 5,402 Ether.