The Weekly Grind (Jun 25–Jun 28): Polymarket's $3.1M Hack & Ethereum's Job Cuts

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This week in crypto was turbulent, marked by significant security breaches and job cuts. As Polymarket suffers a $3.1 million hack, Ethereum trims down its workforce amid budget cuts. The ripple effects are being felt across the crypto job market and regulatory landscapes.

The Big Stories

• Polymarket Hacked for $3.1M: A supply chain attack on Polymarket drained $3.1 million from user wallets without any phishing clicks. Now, the CFTC has launched an investigation into the company for deceptive marketing practices. Read more.
• Ethereum Foundation Cuts Jobs: The Ethereum Foundation slashed 54 jobs and shut down its privacy research lab, citing a 40% budget cut. Concerns about funding gaps for Ethereum’s client teams are rising. Read more.
• Resupply Loses $9.5M in Hack: A hacker exploited Resupply, turning a $4,000 flash loan into a $9.5 million heist. Shockingly, the team made no recovery attempt. Read more.
• Opposition to the CLARITY Act: The Catholic Church and major police unions are pushing back against Section 604 of the CLARITY Act, threatening the future of DeFi in the U.S. Read more.

By the Numbers

• $3.1M lost in Polymarket hack.
• 54 jobs cut by the Ethereum Foundation.
• 9.5M dollars siphoned from Resupply.
• 40% budget cut at Ethereum Foundation.
• $1.79B withdrawn from BlackRock’s Bitcoin ETF in one week.

What This Means for Crypto Jobs

The week’s events signal a shift in the crypto job market. While Ethereum is shedding roles, particularly in research and development, demand for cybersecurity experts is likely to surge following multiple high-profile hacks. DeFi sector faces regulatory uncertainty, potentially chilling new hires. On the flip side, stablecoin engineers remain in demand with salaries ranging from $90K to $300K.

Find your next crypto role at cryptogrind.com.