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A day after an arrest warrant was issued for the co-founder of Terra, Korean officials tried to revoke his passport.

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Following the collapse of the Luna and Terra USD “stablecoins,” a search has been initiated for Do Kwon, who is believed to be in Singapore.

2022’s Summer of Terror still affects the Bitcoin business. Bitcoin’s price hit a low not seen in 18 months on Wednesday. This news crushed many who thought the worst was over.

It was reported this week that the price of bitcoin dropped to $20,289, which represents a reduction of 7.8 percent.

Since 2020, the currency hasn’t been low. Reuters claims Celsius’ withdrawal freeze sparked market drops (and not only in the case of Bitcoin).

It has been rumored that Binance halted withdrawals for a brief period of time as well. The price of Ether fell to its lowest level in 15 months, falling as much as 12%.

The bitcoin market lost nearly $300 billion in value during the “Red Wedding moment” one month before the most recent bad news.

Price fluctuations aren’t the only symptom of a slow economy. Both the bitcoin industry and its enterprises are close to failure.

Coinbase CEO Brian Armstrong sent a letter to employees in which he said that the company will be laying off 18% of its personnel, which is around 1,100 people.

CEO attributed the decision to overly optimistic growth projections as well as concerns about an impending recession.

The costs associated with employees have become “too pricey to adequately manage this uncertain sector,” according to a statement issued by Armstrong.

Cryptocurrency and blockchain sector as a whole is suffering, despite the fact that Coinbase has been the most notable business to date to announce layoffs in this field.

During the same week, BlockFi, Gemini, and each issued a statement on personnel cuts of their own.


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