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Foreign media: Pump.fun conducted large-scale layoffs two months before the employee token unlock, causing some employees to miss out on seven-figure PUMP tokens

According to Sandmark, documents and recordings obtained show that Pump.fun laid off employees two months before the unlocking of employee tokens, causing at least one former employee to miss out on a PUMP token allocation valued in the seven figures at current prices.The layoffs occurred in early April, while the affected employees were supposed to start receiving token unlocks two months later (in June). Employees had signed a token agreement in June 2025, with a quarter of the allocation set to unlock a year later. Co-founder Noah Tweedale stated in an internal meeting recording that the reason for the layoffs was the company's "rapid expansion."Former employees reported a second round of layoffs in mid-July, with the company having laid off over 40 people in the past two months. One employee claimed they were laid off the day before the token unlock, but Sandmark could not independently verify these claims.Pump.fun operates in the UK under the name Baton Corporation Ltd, although it has blocked UK users since December 2024 (following a warning from the UK FCA that it may be providing financial services without a license) and is still on the regulatory warning list. In 2024, the company experienced an employee embezzlement incident involving the misappropriation of approximately $2 million, with the involved party sentenced to six years in prison. According to Companies House data, the company's latest annual report is overdue.

hot_img The Financial Regulatory Administration and three other departments jointly issued 22 measures, aiming to basically establish an effective governance mechanism for financial institutions by 2029

On July 31, the Financial Regulatory Administration, the Central Bank, the Securities Regulatory Commission, and the Ministry of Finance jointly issued the "Implementation Opinions on Improving the Governance of Financial Institutions," proposing 22 measures. It aims to establish a governance mechanism for financial institutions by 2029 that features clear boundaries of responsibilities and powers, compatible incentives and constraints, strict risk management, and standardized and efficient operations. Core measures include: strict control over shareholder access, building a "firewall" between industrial capital and financial capital, penetrating identification of major shareholders and actual controllers, and prohibiting the concealment of control rights and related relationships; strict regulation of shareholder behavior, prohibiting the transfer of benefits to shareholders and related parties; strengthening the responsibilities of directors, senior executives, and other "key minorities," and preventing the "flow of personnel with violations"; implementing lifelong accountability for major illegal and irregular behaviors; early intervention for institutions with significant governance defects; promoting the revision of important laws and regulations in the financial sector, and improving systems related to shareholder equity, corporate governance, and market exit.

hot_img National Development and Reform Commission: The global download volume of domestic large models has surpassed 10 billion times, which will accelerate the legislative process of the "Artificial Intelligence Law."

Jiang Yi, Director of the Policy Research Office of the National Development and Reform Commission, stated at a press conference on July 31 that in the first half of the year, China's pace of independent innovation in artificial intelligence has accelerated. Domestic companies such as Deep Exploration and Dark Side of the Moon have successively released open-source large models with parameter scales reaching "trillion" levels, and the global download volume of domestic large models has surpassed 10 billion times. The next step will focus on strengthening research and development in cutting-edge areas such as the basic theory of large models, training and inference efficiency, multimodality, and intelligent agents, and accelerating the layout and construction of national artificial intelligence application pilot bases, while vigorously cultivating intelligent derivative enterprises.Jiang Yi pointed out that there will be a coordinated approach to high-quality development and high-level security, accelerating the legislative process of the "Artificial Intelligence Law", constructing a "development---regulation---security" closed-loop system, establishing and improving technical monitoring, risk warning, and emergency response mechanisms, and adhering to the development concept of "human-led, for human use, and benevolent to humanity," actively responding to the impact of artificial intelligence on economic operation and employment distribution.
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