“As part of this transition and as we prepare for a multi-year and very costly litigation process, the board has asked management to reduce the size of our teams at the company and reduce our burn rate,” the filings said. “Unlike all other US crypto companies, we tried to avoid this scenario, but circumstances have now changed. It was a very difficult decision – one that we did not take lightly. We are sorry to see our colleagues leave, but we wish them the best and will do everything we can to help them through this transition.”

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