Altcoin News by Thebittimes.Com

Brand ambassadors for FTX Africa are now facing life-threatening situations and public backlash following the platform’s financial collapse. Brand representatives for the bankrupt FTX Africa are encountering life-endangering challenges, with several reporting serious threats against them. The representatives were initially tasked with increasing the user base for FTX Africa, receiving a share of the user trading fees along with performance-based monthly incentives. FTX Africa’s official Telegram group once boasted a membership exceeding 10,000. Pius Okedinachi, who formerly oversaw educational efforts at FTX Africa, recounted his experience to CoinDesk, noting that the platform appeared superior to other options at the time. “We encouraged many of our close ones to join the FTX platform,” he said. However, after FTX’s financial unraveling, those who were recruited have turned against the ambassadors . They are constantly being blamed by their friends a...

Out of the lot, 2.49 million DYDX tokens — worth $5.36 million — will be allocated to the community treasury. The treasury funds contributor grants, community initiatives and liquidity mining among other programs. Decentralized exchange (DEX) platform dYdX will unlock $14.02 million worth of DYDX (DYDX) tokens dedicated to the community treasury and rewards for traders and liquidity providers. On Aug. 29, dYdX will release 6.52 million in-house tokens, representing 3.76% of the DYDX circulating supply. Out of the lot, 2.49 million DYDX tokens — worth $5.36 million — will be allocated to the community treasury. The treasury funds contributor grants, community initiatives and liquidity mining among other programs. Upcoming dYdX unlock event. Source: token.unlocks.app The remaining 4.03 DYDX token s will be split between liquidity provider rewards (1.15 million token s worth $2.47 million) and trading rewards (2.88 million token s worth $6.18 million). Full funds allocation for dYd...

One community member described the salaries as "insanely out of touch," while another Twitter user accused those who established the rates of being "disconnected from reality." The leaders of the decentralized autonomous organization (DAO) governing the ApeCoin ecosystem have been criticized by community members for what they described as “insane” salaries after the sums were published in an organizational chart.  On June 10, the ApeCoin DAO secretary who goes by “Vulkan” published an organizational chart on Twitter, detailing the salaries of the DAO’s leadership. This showed salaries ranging from $7,000 per month to $75,000 per month, sums that shocked some community members and prompted a slew of inquiries from several. creating an org chart: $7k / month managing a forum: $24k / month supervising stuff: $27k / month being “special”: 104k / month watching our bags go down 90%+: priceless there’s some things $APE can’t buy. for everything else, there’s ApeCoin DAO....

From giving encouragement to trying to recruit the laid-off staff, crypto community members posted various responses to recent crypto layoffs. As more crypto companies have cut off their staff to weather the effects of the bear market, crypto community members have posted various reactions from giving encouragement to trying to hire the professionals that were recently let go.  Just over the weekend, two prominent crypto exchanges announced layoffs as the effects of the crypto winter continue to be felt. Bybit has laid off 30% of its workforce which marks the second time the exchange conducted layoffs in 2022. On the other hand, Australia-based exchange Swyftx has also cut around 40% of its staff as it weathers the waves caused by the FTX fallout. In response to the Bybit layoff , a Twitter user who claimed to have worked with Bybit CEO Ben Zhou, opined that the exchange was making the correct decision and vouched for the members of the organization. On the other hand, another com...