#development

Yesterday, reports surfaced suggesting that KuCoin had dismissed 30% of its employees due to declining profits. However, the cryptocurrency exchange's representatives debunked these claims today, explaining that there was just a slight downsizing in line with their routine organizational strategy. "To stay on top, we regularly evaluate our org structure based on employee performance and company development. So it is not layoffs, and it is all about making the organization more dynamic," asserted Johnny Lyu, the Chief Executive of KuCoin.

Ethereum co-founder Vitalik Buterin has teamed up with India-based crypto fund Crypto Relief and Polygon co-founder Sandeep Nailwal to contribute a substantial sum of $100 million towards COVID-19 research and the development of medical infrastructure in India. Recognizing the ongoing threat of COVID-19 and potential future pandemics, Buterin took to Twitter on June 8th to highlight the urgent need for a comprehensive global solution. He emphasized the importance of combining cutting-edge scientific innovation with effective on-the-ground implementation to address these challenges head-on. The generous donation will be directed towards critical areas of research, with a particular focus on studying COVID-19 airborne transmission and advancing the development of improved medical equipment. By prioritizing these aspects, the initiative aims to enhance understanding and mitigation strategies, ultimately curbing the spread of the virus and improving healthcare outcomes for affected individuals.

The U.S. Senate is considering a new bill aimed at imposing strict anti-money laundering (AML) rules on decentralized finance (DeFi) protocols. The Crypto-Asset National Security Enhancement Act of 2023 targets entities controlling DeFi protocols or providing their applications. It requires customer vetting, AML programs, and reports of suspicious activities. In absence of a controlling entity, anyone investing over $25 million in a protocol's development would be responsible.