GM, this is The Crypto Explorer, the Domino’s Pizza of newsletters, we come to you hot and fresh every day. 🍕

 Here’s what we got for you today:

• 🤔 Mass Layoffs at Binance

• 🤑 MoonPay CEO Cashes Out $150M in Secret Deal!

• 🧱 Around The Block: Japan’s Largest Airline Launches NFT Marketplace.

 🤔 Mass Layoffs at Binance

Binance, the world's largest cryptocurrency exchange is planning to lay off roughly 20% of its workforce next month.

The Exchange currently has around 8,000 employees.

So, a 20% layoff means “1,600 employees” are getting the boot. 🤯

This news is a stark contrast to Binance's strong position in the industry last year when it continued to expand even during a bear market.

About a year ago, Binance CEO Changpneg Zhao had proudly mentioned that the exchange had a solid financial position due to prudent spending during the previous year's bull market.

And unlike other exchanges like Coinbase and Crypto.com, which were reducing their headcounts, Binance had announced plans to hire over 2,000 employees.

So what changed?

Apparently, nothing has changed. 😒

Binance's Chief Communications Officer, Patrick Hillman, stated that the 20% layoff is not aimed at reducing costs but it’s part of a “talent density audit and resource allocation exercise” the company conducts every six months.

He emphasized that Binance values its talented workforce and will continue to retain and hire top talent.

However, a Binance spokesperson noted that there is a need to “reevaluate” whether the Company has the right talent and expertise in critical roles.

Are we buying this? 🤔

Or are we witnessing a global trend of companies cutting back on excess?

Twitter proved that it can work with less than half of its employees. 🧑‍💻

And now, other companies are following suit, analyzing if they have too many employees. 🙄

I mean, all that cost savings is music to other CEOs. 🎶💃

So, is Binance just jumping on the bandwagon? 🤷

 🤑 MoonPay CEO Cashes Out $150M in Secret Deal!

There’s some shady business going on at MoonPay.

MoonPay, a crypto payment startup, reportedly raised $555 million at a valuation of $3.4 billion with investors including Tiger Global Management and Coatue Management, during the 2021 Series A.

However, instead of the entire sum going to the company, a portion of the funds was used to buy shares from existing shareholders, including MoonPay's co-founder and CEO, Ivan Soto-Wright.

According to a report from The Information, Ivan Soto-Wright received $150 million from that secondary sale.

Now, here’s where things get juicy.

The fact that there would be a secondary sale was not disclosed to the public.

But MoonPay has now confirmed that the Series A funding round involved secondary sales.

That’s awfully convenient for them.🙄

Soto-Wright is not shy about spending that money.

Shortly after the Series A funding round, Soto-Wright purchased a $38 million mansion in Miami that has been used to host extravagant parties, including one held during last year's Art Basel art festival.

But here's the burning question: why didn't we get an invite to those lavish parties? Ivan, buddy, you better send that invite our way next time! 😂💌

🧱 Around The Block: Japan’s Largest Airline Launches NFT Marketplace.

• 🆕 Launch: Japan’s largest airline launches NFT marketplace.

• 🚨 Bitcoin Theft: Seven Arrested After Allegedly Trying to Steal Bitcoin ATM in Texas.

• 🏦 Bank Closure: Investment bank TD Cowen shuts crypto unit a year after opening.

• 📑 Report: Missing ‘Bitcoin Millionaire’ and ONFO coin co-creator found dead.

That's all we've got for you today.

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In any case, see you tomorrow, or on Twitter, if you're there: @danielakpobare

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research.