STEPN denies firing 100 employees

What’s new? The company developer of the blockchain game STEPN has denied that 100 employees were fired. In an interview with Decrypt, representatives of the project explained that only community moderators who have been inactive over the past few weeks have been suspended. As for the employees of the project, the company did not conduct any reductions and continues to recruit for several positions. Earlier, the analyst Colin Wu reported on the layoffs, citing his own sources.

Decrypt’s material

What else is known? Colin Wu stated that STEPN is going to cut not only the staff but also the project’s ambassadors. In addition, according to him, investments in the project will be reduced and a number of developments will be delayed. Wu added that STEPN’s parent company, Find Satoshi Labs, will focus on developing the NFT marketplace.

The famous blockchain game STEPN began to lay off staff in the bear market. It will mainly lay off more than 100 MODs, ambassadors, etc., and will reduce investment in STEPN, and some development progress has been delayed. According to community sources.— Wu Blockchain (@WuBlockchain) October 12, 2022

In June, Wu warned about the dangers of STEPN. In his report, he pointed out that the project has signs of a Ponzi scheme and a virtual casino, highlighting the rapid growth of the audience and the number of GMT tokens, as well as the fact that the rarity of the virtual sneakers, on which the earnings depend, is determined randomly.

Over the past 24 hours, the governance token of STEPN, called Green Metaverse Token (GMT), has fallen by 10,4% and is trading at $0,569626, the in-game token, Green Satoshi Token (GST), is also down by 7,2% at $0,02388383, according to CoinGecko as of October 13, 08:10 UTC.

In August, STEPN and FC Atlético Madrid announced the launch of an NFT collection. It will include 1001 pairs of NFT sneakers for the STEPN app. A third partner is WhaleFin, a crypto trading and lending platform.

STEPN will also open its first physical office in Hong Kong’s state-owned startup accelerator Cyberport. In June, the company announced the launch of a decentralized exchange, DOOAR.

For more details on the STEPN project, see GetBlock Magazine’s article.