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Tag: latest technology

Tech Layoffs And Hiring Freezes Appear To Accelerate

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| Tech News

While earlier in the year, much of the talk in the tech sector focused on falling valuations, dropping stock prices and slower funding rounds, a lot of chatter the past two months has been around something that hits much closer to home for many people.

Many tech companies are slowing or outright freezing hiring, while others are going a step further and laying employees off—and the pace seems to be accelerating.

Just since April, companies ranging from personalized video platforms Cameo to Facebook parent meta are altering their employment plans. Cameo is reportedly cutting 80 employees—25 percent of its workforce–per The Informationwhile Meta is freezing hiring through the end of the year, according to Business Insiders.

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While the exact number of layoffs in the tech sector in recent months is hard to quantify, Crunchbase data shows more is being written about layoffs this month than since the pandemic in 2020. In the week of May 2, Crunchbase recorded 43 layoff signals—news sources and articles that mentioned layoffs—the highest figure since September 2020.

However, that number is well off the highs seen in the first several months of the COVID-19 pandemic in the fall and winter of 2020, when companies tried to conserve cash and layoff signals hovered mainly in the 70 to 80 range weekly, according to Crunch database.

The job market

None of this is to say the job

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Cryptocurrencies were once seen as an unmitigated boon for criminals. Not anymore.

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| Tech News

When a California man was scammed out of hundreds of thousands of dollars of cryptocurrency in a fake romance this year, Erin West was able to track and freeze the money.

West, a deputy district attorney who heads the high technology crimes unit in Santa Clara County, said she believes the scammer lives in a country where there isn’t an easy path to extradition and therefore is unlikely to be arrested anytime soon. The money, however, is a different story.

“Our bread and butter these days really is tracing cryptocurrency and trying to seize it and trying to get there faster than the bad guys are moving it somewhere where we can’t grab it,” West said.

West is among a growing number of state and local prosecutors and law enforcement officials who have embraced a handful of digital tools that can monitor blockchains, the digital ledgers that track every transaction for most cryptocurrencies.

West said her team tracked the victim’s money as it bounced from one digital wallet to another until it ended up at a major cryptocurrency exchange, where it appeared that the scammer was planning to launder the money or cash out. West sent a warrant to the exchange and frozen the money, which she plans to return to the victim.

It’s a stark reversal from just a handful of years ago, when cryptocurrencies were seen as an unmitigated boon for criminals. Cryptocurrencies allow users to instantly send money over the internet without intermediaries like banks. It can

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Job cuts in Silicon Valley add to recession worries

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| Tech News
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After a decade of exuberance, Silicon Valley start-ups, venture capitalists and established tech companies alike are cutting investment and firing workers, prompting some in the tech world to openly predict a US recession is on the way.

Facebook and Amazon have slowed their frantic hiring paces, while highflying newer companies including scooter company Bird and email client Superhuman have laid off workers. Tesla chief executive Elon Musk recently told employees he has a “super bad feeling” about the economy, and venture capital firm Lightspeed Venture Partners warned in a blog post that “the boom times of the last decade are unambiguously over.”

On Thursday, fashion tech company Stitch Fix said it was cutting about 15 percent of salaried positions, or a total of 330 roles, sending its stock price sinking. The people losing their jobs were told that morning, chief executive Elizabeth Spaulding wrote in a memo to employees.

“In light of our recent business momentum and an uncertain macroeconomic environment, we’ve taken a renewed look at our business and what is required to build our future,” Spaulding wrote.

The broader industry slump worsened on Friday, when the tech-heavy Nasdaq index fell 3.5 percent. It is now down 28 percent for the year.

The sudden shift is giving many in the sector whiplash. Uncertainty has settled over Silicon Valley as venture capitalists, tech founders and regular employees debate whether the pessimism is overblown or if tech really is the canary in the coal mine, already

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