{"id":85253,"date":"2023-10-02T18:42:41","date_gmt":"2023-10-02T15:42:41","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=85253"},"modified":"2025-09-12T22:10:10","modified_gmt":"2025-09-12T19:10:10","slug":"chia-network-lays-off-a-third-of-its-staff","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/chia-network-lays-off-a-third-of-its-staff\/","title":{"rendered":"Chia Network lays off a third of its staff"},"content":{"rendered":"<p>The blockchain company Chia Network has laid off 24 of its 70 employees. <a href=\"https:\/\/www.coindesk.com\/policy\/2023\/10\/02\/chia-network-lays-off-third-of-its-staff-as-loss-of-banker-delayed-going-public\/\">CoinDesk<\/a> reports.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cUnfortunately, we will lose a few remarkable people, as over the past several months we have faced a difficult financing situation,\u201d explained the project head Gene Hoffman.<\/p>\n<\/blockquote>\n<p>In his words, the company also plans to address the issue by selling XCH tokens. According to the publication, within its structure Chia has 2.6 million unencumbered XCH (about $70 million at the rate at the time of writing).<\/p>\n<p>Meanwhile, the firm was unsure how they might be classified by the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span>. However, against the backdrop of <a href=\"https:\/\/forklog.com\/en\/news\/partial-victory-details-and-implications-of-the-secs-ripple-case\">Ripple case<\/a>, Hoffman stated that \u201ca thoroughly decentralised token may meet the current standards for the definition of a digital commodity.\u201d<\/p>\n<p>In response to the news, the price of XCH fell 3.4%, according to <a href=\"https:\/\/www.coingecko.com\/\">CoinGecko<\/a>. At the time of writing the asset trades near $26.20.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"569\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/XCHUSDT_2023-10-02_18-39-39-1024x569.png\" alt=\"XCHUSDT_2023-10-02_18-39-39\" class=\"wp-image-217049\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/XCHUSDT_2023-10-02_18-39-39-1024x569.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/XCHUSDT_2023-10-02_18-39-39-300x167.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/XCHUSDT_2023-10-02_18-39-39-768x427.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/XCHUSDT_2023-10-02_18-39-39-1536x853.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/XCHUSDT_2023-10-02_18-39-39.png 1582w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">15-minute chart of XCH\/USDT on OKX. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/XCHUSDT\/\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>In April, Chia, on a confidential basis, <a href=\"https:\/\/forklog.com\/en\/news\/chia-network-files-for-us-ipo\">submitted<\/a> a Form S-1 filing with the U.S. Securities and Exchange Commission to conduct an <span data-descr=\"initial public offering\" class=\"old_tooltip\">IPO<\/span>. According to Hoffman, after losing Credit Suisse as a banking partner, the company found a new one in some American institution.<\/p>\n<p>From May to September 2021, the coin&#8217;s price <a href=\"https:\/\/forklog.com\/en\/news\/chia-price-plunges-85-miners-dump-hdds-and-ssds-at-a-loss\">fell by 85%<\/a> and triggered mass sell-offs of HDDs and SSDs used to mine it.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The blockchain company Chia Network has laid off 24 of its 70 employees.<\/p>\n","protected":false},"author":1,"featured_media":85254,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[83,2132],"class_list":["post-85253","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-business","tag-chia-network"],"aioseo_notices":[],"amp_enabled":true,"views":"26","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/85253","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=85253"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/85253\/revisions"}],"predecessor-version":[{"id":85255,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/85253\/revisions\/85255"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/85254"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=85253"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=85253"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=85253"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}