[Rising on Reddit] Bitpay Reportedly Lays Off Most of Entire Staff

[7788bitcoin]

This is very bad news for the bitcoin industry. Hope the company can survive the disaster. Pray for the staffs who are being lay off...

[OmegaStarScream]

The logical explanation of this is because the last hack they got , and they probably can't pay everyone now , thats all . (At least I hope)
I don't think there is anything to worry about , they should get back on their feets soon .

[7788bitcoin]

The logical explanation of this is because the last hack they got , and they probably can't pay everyone now , thats all . (At least I hope)
I don't think there is anything to worry about , they should get back on their feets soon .

But one important thing is that they have to address the security problem. It is obvious that they do not have that process in place and rely on single email for such a big transfer from cold storage!

[Hugroll]

what does this say about their wallet, will it get shut down soon too?

[MicroGuy]

This is very bad news for the bitcoin industry. Hope the company can survive the disaster. Pray for the staffs who are being lay off...

They just flushed 32.5 million down a black hole. This quote pretty much sums up where the company is headed with its current team.



Best chance of survival would be to replace the guy that sent 1.8 million to the wrong person, and that Italian guy that flies around the world burning through cash telling everyone how great the business is doing. Step one in a turn-around must include replacing both these individuals.

Step two. Processing 2000 transactions a day can be handled by 1 or 2 employees, add one for sales and one for reception, and anything over a staff of 5 is overkill. Shift the focus to include payroll integration like bitwage and quit burning cash. That's the best way to right this sinking ship.

[ashour]

The logical explanation of this is because the last hack they got , and they probably can't pay everyone now , thats all . (At least I hope)
I don't think there is anything to worry about , they should get back on their feets soon .

They will probably soon get another VC funding round and get back on track. I don't think that bitty will fail, they seem to be a big bitcoin player and I am sure that their investors won't let them "die" like that.

[RGBKey]

what does this say about their wallet, will it get shut down soon too?

I really hope that they as an exchange service will continue to function, I rely on them.

[Hugroll]

what does this say about their wallet, will it get shut down soon too?

I really hope that they as an exchange service will continue to function, I rely on them.

alot of merchants also use the bitpay service to accept payments, they should build back up soon.

[RGBKey]

what does this say about their wallet, will it get shut down soon too?

I really hope that they as an exchange service will continue to function, I rely on them.

alot of merchants also use the bitpay service to accept payments, they should build back up soon.

That's why I'm always excited when a new exchange service launches, we need more of them.