Among the numerous regulatory hurdles the cryptocurrency industry faces, C-suite-level shakeups and allowing employees' salary payments can have an impact on its pulse.
Bitmain, the Bitcoin application-specific integrated circuit manufacturer Bitmain, based in China, has apparently held back salary payments for September and for the foreseeable future.
Local news stories, including those about Bitmain's chairmanship, cited several Bitmain employees close to the matter who said the company cut all bonuses and incentives for its staff. The employees also faced a 50 percent cut in their base salary. On October 3 the Department of Labor issued an internal notice regarding salary payments.
However, a Wu Blockchain post on X said that such a statement was not true.
As a crypto expert, you can learn about the latest developments in the crypto industry. At Benzinga's exclusive event, The Future of Digital Assets, meet and engage with transformative Digital Asset and Crypto business leaders and investors. The company, founded in 2013 and one of the biggest Bitcoin mining ASIC makers, has come to this point due to the inability to achieve a net positive cash flow mainly in the production of new ASICs. The Antminer ASIC series has dominated the industry in terms of hash rate computations for Bitcoin mining.
Among other recent orders, Bitcoin miner Hive announced the purchase of 2,000 Bitmain S19 XP ASIC miners for immediate deployment in its rigs. On Bitmain, the investors had a listed price of $4,653 and were rated as a value of $4,653.
Ripple CFO Waves Goodbye: Kristina Campbell, a CFO at Ripple XRP/USD, announced her departure from the company to join a similar role at Maven Clinic, a virtual healthcare provider. The employment came to an end in October after serving for more than two years. The company has already started a search to fill the position.
The news came after Ripple's legal battle with the SEC mainly for its sales of the XRP token. A federal judge ruled in July that XRP was not a security when sold to retail investors. The ruling was upheld in October after an appeal by the SEC. The trial with the SEC is expected to begin in April 2024. It remains uncertain if Campbell's departure is linked to any regulatory scrutiny Ripple is facing.
Binance.US CEO Brian Shroder resigned in mid-September after the SEC charged the company with securities law violations.
BitMEX CEO Stephan Lutz says that the crypto market is moving slowly, with Bitcoin showing resilience.
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