Gm. We’re introducing a brand new section in today’s newsletter—the layoff tracker.

With so many companies cutting headcount right now, we are using the section to:

1. Keep you up to date with the latest layoff news

2. Match recently laid off workers with Homescreen readers who may be hiring

Wherever possible, we’ll include a list of the employees laid off so you can reach out if you're interested. Scroll down to the bottom to check it out.

FRESH POWDER

Looking at three funds that recently topped up their coffers.

Startup to watch: Prenda is a platform that allows “guides” (another name for parents or teachers) to create their own tuition-free microschools of 10 students or fewer. It just raised a $20 million Series B led by Alexis Ohanian’s 776. We love the concept of small class sizes and zero tuition. More here.

CRYPTO

The heat is on for Celsius

If you want to see just how cold this crypto winter is getting, look no further than the troubles crypto lending platform Celsius is facing. On Sunday, it told users it would be pausing all withdrawals, swaps, and transfers between accounts citing “extreme market conditions.”

• Why it's a big deal: Celsius is huge. It has over $11.8 billion in assets on its platform and 1.7 million users all of which were understandably nervous after hearing their funds were frozen.

Like many DeFi companies, Celsius promises users eye-popping yields—over 7% on stablecoins and over 6% for Ethereum and bitcoin—but in order to get those tasty yields, you have to deposit funds on the protocol.

Celsius ran into trouble when a stablecoin tied to ETH that Celsius uses to hold its user funds lost its peg, prompting a wave of customers to try and withdraw their funds (hence why Celsius paused withdrawals).

The ripple effects

Celsius touches a whole lot of different parts of the crypto ecosystem, but the most immediate threat it poses is to the price of bitcoin.

• Last year, Celsius borrowed $500 million from stablecoin issuer Tether using bitcoin as collateral. “If bitcoin drops, they give us a margin call [and then] we have to give them more bitcoin,” Celsius CEO Alex Mashinsky told The Financial Times last year.

That’s exactly what happened. Bitcoin is down over 40% since last year causing Celsius to put up even more bitcoin as collateral to avoid a margin call. For the time being, as long as bitcoin stays above $15,100, there won’t be a liquidation event. But if it drops below that threshold…things could get really ugly.

Zoom out: After the Terra debacle wiped out over $40 billion, confidence in crypto (and DeFi in particular) is at an all time low. Should Celsius fail, it will be yet another brutal blow to an already reeling ecosystem.

BITCOIN

How you feelin' Mike?

Early in May, MicroStrategy's CTO told nervous shareholders that that the only way the public markets' biggest bitcoin holder would face a margin call was if the price of bitcoin "cut in half" to "around $21,000." It was meant to sound reassuring, but ended up being prophetic instead: Bitcoin's price briefly slipped below $21,000 yesterday morning.

Margin call incoming?

According to MicroStrategy CEO Micheal Saylor, the phone won't be ringing anytime soon.

• The loan that the company took out last year (to buy more bitcoin) requires $410 million in collateral. Saylor said that even if Bitcoin's price were to settle below $21,000 and a margin call were to be triggered, MicroStrategy has enough BTC on its books to cover the loan. It's only if bitcoin were to fall below $3,562 that it wouldn't be able to afford the collateral.

Bottom line: Even though MicroStrategy is keeping its head above water for now, if it starts to sell a large amount of its BTC to pay off its loan it could end up tanking the already delicate market. Factor in the Celsius situation as well and you have a bitcoin market teetering on the brink.

QUICK HITS

Seed Round

Stat: 70,000 patients’ sensitive health data has been leaked after the largest nonprofit health plan provider in the US, Kaiser Permanente, disclosed a data breach. A hacker gained access by targeting an individual employee through either a phishing attack or credential spoofing. We just hope it wasn’t the old CEO-asking-them-to-buy-some-gift-cards trick that led to the breach.

Story we’re watching: Instagram is taking strides to ensure kids don’t get caught going down harmful rabbit holes on its app. If someone spends too long on the Explore page, the app will “nudge” them away from the harmful content. It's a bold move to go full nagging parent on the youths, but preliminary results look promising—58.2% of respondents to an external study said the nudges made them more mindful of the time they spend on the platform.

Rabbit hole: You have only so much time. Are you using it right? (WSJ)

WHAT ELSE IS GOING ON

• Microsoft is working on adding games to Microsoft Teams.

• Bitcoin officially fell to its lowest level in 18 months.

• Apple continued its push into live sports signing an exclusive 10-year streaming agreement with Major League Soccer.

• IBM was ordered to give over emails from its ex-CEO detailing plans to get rid of older workers.

THREE HEADLINES AND A LIE

A. “Researchers confirm determined seagull finally made it to outer space”

B. “Heroic passenger provides emergency beverage service after flight attendant falls ill”

C. “Monkeypox to get a new name, says WHO”

D. “Prisoner has intricate escape plan tattooed on back”

LAYOFFS TRACKER

Aggregating recently laid off tech talent looking for new roles.

Coinbase

• Industry: Crypto

• Amount laid off: 1,100

• Date of layoffs: June 14

• List of employees affected: Coinbase Talent Hub

Redfin

• Industry: Real estate

• Amount laid off: 470

• Date of layoffs: June 14

• List of employees affected: N/A

Compass

• Industry: Real Estate

• Amount laid off: 450

• Date of layoffs: June 14

• List of employees affected: N/A

FOUNDERS CORNER

The best resources we came across that will help you become a better founder, builder, or investor.

🚀 11 thoughts on scaling a startup

💻 A Hacker News discussion on the best programming language to learn first

⚡ A detailed teardown of Zapier’s landing page

THREE HEADLINES ANSWER

Monkeypox is potentially getting a new name after scientists said the current one is discriminatory.