@cryptocracy 4 June 2022 more from that month

Will Coinbase, Tesla Cause the Crypto Winter? *Since I’m on a camping trip this weekend with my family, I’m going to keep today’s issue short. I hope you enjoy!* Crypto exchanges Coinbase and Gemini are **enacting hiring freezes** and downsizing. In Coinbase’s case, they’re also **rescinding some job offers**. Elon Musk has likewise issued a hiring freeze at Tesla and **reduced his company’s staff**. Musk even went so far as tell his employees to work in the office or he’ll **assume they’ve resigned**. CoinDesk asks if this is the **first sign of a crypto winter**. *I don’t know if it’s the first sign of a crypto winter, but it could trigger a recession. The thing about economic cycles is they tend to become self-fulfilling prophecies. Lately, we’ve been hearing a lot of talk about the* ***worst crypto winter ever****, and we could be* ***headed toward a recession****. When people believe that, they’ll act like they believe that. Then it happens. It happens because people cause it with their behavior. One person panics and it leads to a chain reaction. Quit acting like the world is going to hell and it won’t.* https://www.businesstimes.com.sg/banking-finance/layoffs-hiring-freezes-hit-crypto-firms-coinbase-winklevoss-twins-gemini https://indianexpress.com/article/technology/crypto/coinbase-to-extend-hiring-freeze-and-rescind-some-accepted-offers-7952285/ https://www.theverge.com/2022/6/3/23152932/elon-musk-email-orders-tesla-layoffs-hiring-freeze-bad-feeling https://www.wsj.com/articles/elon-musk-orders-tesla-employees-back-to-the-office-11654108165 https://www.coindesk.com/layer2/2022/06/03/are-exchange-layoffs-the-first-sign-of-crypto-winter-or-is-it-already-over/ https://coin-signal.com/altcoins/the-worst-crypto-crash-ever-long-winter-ahead/ https://www.cnbc.com/2022/05/05/main-street-is-more-sure-than-wall-street-a-recession-is-coming.html Binance launches **$500 million Web3 fund**. If you’re wondering about Web3, here’s what it means **for marketers**. And a **Web3 cheat sheet** for brands. https://news.bitcoin.com/binance-labs-launches-500-million-web3-blockchain-fund/ https://www.adweek.com/brand-marketing/what-web3-means-for-marketers/ https://www.thedrum.com/news/2022/06/03/web3-101-brands-heres-your-cheat-sheet The New York Senate has passed a moratorium on **carbon-based crypto mining**. ***HUGE News****!* *I expected this was coming. New York doesn’t like anything that pollutes its air, except politicians.* https://techcrunch.com/2022/06/03/new-york-senate-passes-moratorium-to-ban-carbon-based-crypto-mining/ Several veteran technologists have written **an open letter** to public officials urging them to be skeptical of cryptocurrencies and other digital assets and to create legislation around that skepticism. Ethereum Co-Founder Vitalik Buterin responded in a **Twitter thread**. More on that **here**. *Old Guard vs. New Guard. The Old Guard is clearly trying to protect their turf. I hope the New Guard wins.* https://concerned.tech/ https://twitter.com/VitalikButerin/status/1532151196021968896 https://decrypt.co/101913/ethereum-founder-vitalik-buterin-muses-on-crypto-skeptic-letter-to-washington Crypto analyst **slashes bitcoin miners’ price targets** by an average of 65 percent. https://www.coindesk.com/business/2022/06/03/market-rout-prompts-analyst-to-slash-bitcoin-miners-price-targets-by-average-of-65/ The first ever indictment for **NFT insider trading** happened at OpenSea. Meanwhile, Looney Tunes has **gone daffy on Nifty** over NFTs. Some NFT platforms are pivoting in **response to the market**. *I can’t blame people for running their businesses based on macroeconomic conditions, but I do believe, as I said above, that mass behavior moves the market as much as anything.* https://news.artnet.com/art-world/opensea-employee-indicted-nft-insider-trading-2124729 https://news.bitcoin.com/warner-bros-and-niftys-to-launch-looney-tunes-story-bolstered-by-nfts/ https://www.artnews.com/art-news/news/opensea-shifts-strategy-crypto-slump-1234630710/ The crypto market has **grown 500 percent** in four years. And the crypto scam business is **booming too**. https://www.newindianexpress.com/business/2022/jun/04/cryptocurrencies-market-grows-500-per-centin-four-years-2461599.html https://www.vox.com/recode/23153469/bitcoin-crypto-scam-report-ftc Are **soulbound tokens** the next big thing? **(This report, co-authored by Ethereum Co-Founder Vitalik Buterin, is a MUST READ.)** https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4105763 Japan to **limit stablecoin issuance** to banks and trust companies. https://cointelegraph.com/news/japan-passes-bill-to-limit-stablecoin-issuance-to-banks-and-trust-companies Bianca Van Damme, daughter of famed actor Claude Van Damme, has **released an NFT collection** with artist Scott Bushaw to raise awareness of mental health issues. *Yeah, one could go nuts looking at these.* https://www.bbcreatif.com/

Russia’s invasion of Ukraine is a **litmus test for crypto exchanges**. https://www.coindesk.com/layer2/2022/06/03/how-russias-invasion-of-ukraine-is-a-litmus-test-for-cryptocurrency-exchanges/ *You know the deal. Snark and commentary are in italics. This is not financial advice and I am not a financial advisor. I’m just your friendly crypto freak sharing the news.* Cryptocracy is a decentralized newsletter published 4 times a week. I curate the latest news and crypto analysis from some of the brightest minds in crypto, and sometimes offer a little insightful and snarky commentary. Always fresh, always interesting, and always crypto. *First published at* *Cryptocracy**. Not to be construed as financial advice.* https://cryptocracy.substack.com/p/crypto-exchanges-freeze-hiring-downsize?s=w Image submitted by email for **www.bbcreatif.com**  http://www.bbcreatif.com/