restructuring

Treasure is facing restructuring due to a financial crisis and will terminate game operations and Treasure Chain

ChainCatcher news, Treasure DAO's chief contributor John announced that due to deteriorating financial conditions, they are facing a restructuring and will terminate game operations and Treasure Chain. Documents show that their annual operating expenses reach up to $8.3 million, while the current treasury only has $2.4 million left, which is expected to last only until July 2025.Chief contributor John has resumed a leadership role, revealing that the team size once reached 40 people, with an annual labor cost of $6.1 million and infrastructure costs of $3 million, of which the fixed annual cost for Treasure Chain is $450,000. Facing survival pressure, the DAO has laid off 15 people and decided to terminate game publishing support and Treasure Chain, assisting partners in migrating to other chains.To extend the funding runway, John proposed to withdraw the idle $785,000 from the market maker Flowdesk. If approved, the stablecoin balance will increase to $3.2 million, allowing operations to be optimistically extended until February 2026. Additionally, the ecological fund holds 22.3 million MAGIC (valued at $2.3 million), but if the MAGIC price plummets, the DAO may struggle to survive between December this year and February next year.The future strategy will focus on four major products: Market, Bridgeworld, Smolworld, and AI agent expansion technology, aiming to showcase the application potential of MAGIC through Smols and Bridgeworld, and to develop the Neurochimp agent to enhance market competitiveness. Community conference calls and governance proposals are forthcoming, including the retirement of Treasure Chain and adjustments to market positioning, with the goal of reversing the current downturn through streamlined operations.According to the crypto asset data platform RootData, Treasure DAO completed a $3.5 million financing through token sales in 2022, led by Digital Strategies Guild, with participants including 1kx, Neon DAO, ID Theory, Arbitrum, Skycatcher Crypto, IOSG, Alchemy Ventures, IndiGG, StreamingFast, and others.

Insiders: Jump is restructuring its U.S. crypto business and plans to expand its team

ChainCatcher news, according to CoinDesk, Chicago trading giant Jump is working to restore its U.S. cryptocurrency business to full operational status, after the company scaled back its related operations over the past two years due to regulatory scrutiny and uncertainty.Insiders revealed that while Jump has maintained digital asset trading and market-making activities in other parts of the world, cryptocurrency trading volume in the U.S. is currently accelerating. Jump plans to hire a group of crypto engineers and will begin to fill U.S. policy and government liaison positions in due course. Against the backdrop of the Donald Trump administration easing regulations, Jump believes now is the right time to restore its U.S. operations to full capacity.Jump became a focal point of regulatory scrutiny after the collapse of the Terra Luna stablecoin and FTX, which led to a contraction of its U.S. business, including the spin-off of the Wormhole project and halving the staff of the Jump Crypto division, which had about 150 employees in 2022.Industry insiders believe that Jump may participate in the U.S. crypto ETF space in the future, especially considering the potential approval of a Solana (SOL) ETF. Jump is known for its investments and development work in the Solana ecosystem, such as the Firedancer project, which is software designed to increase blockchain transaction throughput.
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