ConsenSys Cuts, DForce Faces Doom, ATMs Boom

A weekend hack drained funds from a popular decentralized finance application, Ethereum incubator ConsenSys is laying off about 90 employees and bitcoin ATMs are seeing growth during the coronavirus contagion event.

In a breaking story, ConsenSys has confirmed to CoinDesk that due to coronavirus-led market turmoil, the firm will cut approximately 14 percent of its headcount. The move follows a round of layoffs announced in February, and leaves the firm with just over 550 employees. “All key operational aspects of the business are preserved to ensure the development and service of key products and solutions,” the company said in its statement. Here’s the story:

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Top Shelf

DeFi Disaster
Decentralized finance protocol dForce is insolvent following a late-night weekend exploit. While the perpetrator is unknown, the hack exploited a known vulnerability of the ERC-777 standard. Due to the way dForce lending program Lendf.Me’s smart contract is set up, the hacker was able to continually withdraw funds without the program’s balance updating, eventually scoring 99 percent of the assets – more than $25 million – locked within. The Multicoin Capital-backed dForce had been accused of cribbing code from competing application Compound.

The hackers allegedly returned $126,014 back to Lendf.Me with a note saying, “Better luck next time,” according to Chain News.

ConsenSys Cuts
Ethereum incubator ConsenSys is laying off “just over 90” staffers, or about 14 percent of the firm’s headcount. “The global COVID-19 pandemic has deeply impacted the world’s health and livelihood,” a company spokesperson told CoinDesk. “ConsenSys has carefully analyzed its business in relation to what is occurring globally. Like most of its peers, the company is seeing extraordinary…

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