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Ava Labs, the team developing the Avalanche blockchain, has announced a 12% reduction in its workforce, attributing the decision to strategically reallocating its resources. The firm’s CEO and founder, Emin Gün Sirer, confirmed the layoffs on Nov. 7, following announcements by several former employees on X that they had been laid off. The move, according to Sirer, is a strategic reallocation of resources aimed at bolstering the growth of both Ava Labs and the broader Avalanche ecosystem. Today we parted ways with some of our Ava Labs team members. We are no longer a 12 person startup, but we strive to capture the speed and energy of a small, nimble team. This reduction in force affected 12% of Ava Labs, and allows us to reallocate resources to double down on the… — Emin Gün Sirer (@el33th4xor) November 7, 2023 Gün Sirer acknowledged the challenges presented by bear markets, yet he reiterated that Ava Labs is in a strong position, equipped with ample runway and resourc...

Alphapo, a payment processor, reportedly fell victim to hackers, resulting in a loss of more than $23 million in various coins and tokens. Crypto “detective” ZachXBT, who has been closely tracking the movement of stolen funds across different networks, brought to light the Alphapo attack on July 23. Earlier today Alphapo hot wallets were drained for $23M+ on ETH, TRON, BTC. HypeDrop (Alphapo customer) has since had withdrawals disabled. On Ethereum the stole n funds were swapped for ETH then bridged to Avalanche and Bitcoin. pic.twitter.com/pj7i3ZlBrX — ZachXBT (@zachxbt) July 23, 2023 According to ZachXBT’s report, the hackers exploited vulnerabilities in Alphapo’s security measures, gaining access to the platform’s hot wallets for Ethereum, Tron, and Bitcoin. Subsequently, they drained these wallets, causing substantial losses for the payment processor. As part of their attack, the hackers utilized the stole n tokens to purchase additional ...