Pontem

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Chia

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 <p class="is-style-lead">Despite refuting earlier <a rel="noopener noreferrer nofollow" title="rumors" href="https://thebittimes.com/tag/rumors.html">rumors</a> of mass <a rel="noopener noreferrer nofollow" title="layoff" href="https://thebittimes.com/tag/layoff.html">layoff</a>s, a Parity <a rel="noopener noreferrer nofollow" title="employee" href="https://thebittimes.com/tag/employee.html">employee</a> shared with DLNews that the <a rel="noopener noreferrer nofollow" title="layoff" href="https://thebittimes.com/tag/layoff.html">layoff</a>s occurred prior to the company retreat.&nbsp;</p>
 <p>One employee was quoted as saying the retreat gave “Hunger Game vibes.”</p>
 <h2 class="wp-block-heading" id="spending-like-a-bull-market">Spending like a bull market</h2>
 <p>An employee from the Polkadot development company, Parity Technologies, confirmed that the company was laying off the majority of its employees after it was revealed the company was spending money as though it had been in a bull market over the past 12 months.</p>
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    <p lang="en" dir="ltr">Parity <a rel="noopener noreferrer nofollow" title="employee" href="https://thebittimes.com/tag/employee.html">employee</a>s said that only the company's core engineering, developer relations, ecosystem operations and Asia teams were not laid off.</p>— Wu Blockchain (@WuBlockchain) October 18, 2023
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 <p>A follow-up post from Wu Blockchain shares that only the company’s core engineering, developer relations, ecosystem operations and Asia teams were not laid off.</p>
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Parity Technologies decentralizes teams in Polkadot, refutes layoff rumors
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 <p>DLNews&nbsp;goes on to share that at the retreat, which still went ahead after layoffs, people were crying, even while giving presentations on stage, and many left early.</p>
 <p>Earlier reports from Oct. 12 stated that&nbsp;the company&nbsp;was making alterations to its workforce, although changes would be gradual and directly linked to its new decentralized approach.</p>
 <h2 class="wp-block-heading" id="more-layoffs">More layoffs</h2>
 <p>The same post from Wu Blockchain also alleged that the Web3 Foundation would also be laying off 40% of employees.</p>
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 <p>This comes at the same time many crypto-oriented companies have reported major losses and that they would be downsizing their workforces. In the week of Oct. 8, Chainalysis and Chia both reported&nbsp;significant <a rel="noopener noreferrer nofollow" title="layoff" href="https://thebittimes.com/tag/layoff.html">layoff</a>s of their staff, alongside major exchange Kraken earlier this year.</p>
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Parity Technologies-Guided Pontem Network Launches Its Parachain, Completes Milestone #1
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/parity-employee-confirms-mass-layoffs-after-rumors-initially-denied-tbt66862.html">https://thebittimes.com/parity-employee-confirms-mass-layoffs-after-rumors-initially-denied-tbt66862.html</a></p>

Parity employee confirms mass layoffs after rumors initially denied

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