Erik Voorhees, founder, and CEO of crypto exchange ShapeShift broadcasted that his corporation has abridged the size of its team by a third, placing off 37 employees. Voorhees wrote Crypto, like the moon we strive toward, is a harsh mistress. He further added that none of it astonishments those who have been finished these cycles. But even with that experience, circumnavigating these unrestrained seas is a continual lesson in humility.
According to Voorhees, ShapeShift expanded its line of product very early and in a lot of verticals, ensuing in monetary, lawful, and time costs. He wrote, Product diversification is excellent, but it has to be at the right time. We did it too soon. As a result, ShapeShift’s core exchange business suffered. However, Voorhees notes that he is hopeful for the new year, while this new one starts upon some painful reorganization, we’re encouraged and optimistic for 2019,” he concludes in his post.
Voorhees even disproved the indirect allegations, mentioning that the crypto team had functioned with WSJ presses for five months, which was below untrue façades, as info delivered by the exchange was allegedly distorted or misplaced.
Voorhees apologizes to those affected by the main move, and finishes the post positively, stating:
“Among its many virtues, crypto assets enable people (and machines) to store value easily themselves and to transfer value directly to someone else, anywhere on Earth. This power is awesome and unprecedented.”
As per the report published in Cointelegraph, it was believed that the layoffs at ConsenSys an Ethereum (ETH) blockchain-focused software development corporation. A cause familiar with the problem reportedly stated that the number of employees to be laid off could be between 50 and 60 percent of ConsenSys’ 1,200 person staff.
Vorhees settles the article by saying that the firm is trying to pioneer a new monetary system, and we don’t expect to be loved by the proponents of the old. He states:
He even mentioned that we would push forward, and we’d suggest the WSJ change their title to be more accurate and objective, less than two-tenths of one percent of ShapeShift’s business might be illicit.
The blog post claims that WSJ reporters incorrectly read records of token transmissions to such a degree that they unlawfully credited $70,000 of illegal money to the exchange:
“$600 of suspicious funds were sent to an exchange that wasn’t ShapeShift. Because ShapeShift happens to be a customer of this same exchange — 10 months later in a completely unrelated transaction — the exchange sent funds to ShapeShift. The authors didn’t understand how to properly read the blockchains transactions, so they assumed there was $70k in “dirty money” sent to ShapeShift.”
Company CEO Joseph Lubin had also allegedly stated that we must retain, and in some cases regain, the lean and gritty startup mindset that made us who we are.” While the company plans to reassign staff from shuttered projects to other initiatives, Lubin reportedly “did not rule out layoffs.”