Why it matters:
The broad market downturn, combined with the crash in cryptocurrency activity, has led to a shakeout among some struggling companies.Two former employees confirmed news of the shutdown, with one noting that CEO Ioannis Giannaros informed some via email during the holiday season that the the company would liquidate, and planned to terminate services in January 2023.offered a severance package, leading to concern among former workers that there may be none at all.
However, Giannaros told Axios via email, "We’re still operating but will be scaling back to plan our next steps." He's did not immediately respond to requests for further comment based on employees' claims.
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Shocking!