Among the many regulatory hurdles the cryptocurrency industry is facing, C-suite level shakeups and pausing employees' salary payments can have an impact on its pulse.
Bitmain Holds Back Salary Payments: Bitcoin application-specific integrated circuit (ASIC) manufacturer Bitmain, based in China, apparently held back salary payments for September and for the foreseeable future.
Local news reports, as reported by CoinTelegraph, cited multiple Bitmain employees close to the matter who said the company cut all bonuses and incentives for its staff. Employees also faced a 50% cut to their base salary. An internal notice regarding salary payments was issued on Oct.3.
However, a Wu Blockchain post on X said this:
On the afternoon of October 7, Bitmain has repaid September wages, and stated that it only did not pay the performance salary of some people. It has also been repaid, and the basic salary has been released normally on September 30.
— Wu Blockchain (@WuBlockchain) October 8, 2023