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RESTRUCTURING
 6 Months Ended
Jun. 30, 2023
Restructuring and Related Activities [Abstract]  
RESTRUCTURING RESTRUCTURING
2023 Restructuring
In January 2023, the Company announced and completed a restructuring impacting approximately 21% of the Company’s headcount as of December 31, 2022 (the “2023 Restructuring”). The 2023 Restructuring was intended to manage the Company’s operating expenses in response to the ongoing market conditions impacting the cryptoeconomy and ongoing business prioritization efforts. As a result, approximately 950 employees in various departments and locations were terminated. As part of their termination, they were given separation pay and other personnel benefits.
The Company does not expect to incur any additional charges in connection with the 2023 Restructuring and the cash payments associated with this restructuring were substantially completed during the second quarter of 2023 with the remainder expected to be paid out by December 31, 2023. The following expenses were recognized within restructuring expenses in the condensed consolidated statements of operations for the three and six months ended June 30, 2023 (in thousands):
Three Months Ended June 30, 2023Six Months Ended June 30, 2023
Separation pay(1)
$(152)$57,593 
Stock-based compensation(2)
— 84,042 
Other personnel costs(1)
(883)1,819 
Total$(1,035)$143,454 
__________________
(1)The negative adjustment of $0.2 million and $0.9 million during the three months ended June 30, 2023 is due to the release of accruals for certain separation pay expenses and other personnel costs, respectively, recorded as of March 31, 2023 which were not utilized.
(2)Represents stock-based compensation expenditures for the six months ended June 30, 2023 relating to the acceleration of the vesting of outstanding equity awards in accordance with the terms of such awards.

The following table summarizes the balance of the 2023 Restructuring reserve and the changes in the reserve as of and for the six months ended June 30, 2023 (in thousands):
Expenses Incurred(1)
PaymentsAdjustmentsAccrued Balance as of June 30, 2023
Separation pay$57,745 $(56,180)$(152)$1,413 
Other personnel costs2,702 (1,620)(883)199 
Total$60,447 $(57,800)$(1,035)$1,612 
_________________
(1)Excludes stock-based compensation as it was not reflected in the Company’s restructuring reserve on the condensed consolidated balance sheets.

2022 Restructuring
In June 2022, the Company announced and completed a restructuring impacting approximately 18% of the Company’s headcount as of June 10, 2022 (the “2022 Restructuring”). This strategic reduction of the existing global workforce was intended to manage the Company’s operating expenses in response to market conditions and ongoing business prioritization efforts. As a result, approximately 1,100 employees in various departments and locations were terminated. As part of their termination, they were given separation pay and other personnel benefits. The Company did not incur any additional charges related to the 2022 Restructuring. The cash payments associated with the 2022 Restructuring were substantially completed during the third quarter of 2022 and the remaining balance was fully paid out during the year ended December 31, 2022.
The following expenses were recognized within restructuring expenses in the condensed consolidated statements of operations for the three and six months ended June 30, 2022 (in thousands):
Three Months Ended June 30, 2022Six Months Ended June 30, 2022
Separation pay$39,259 $39,259 
Other personnel costs3,194 3,194 
Total$42,453 $42,453 
The following table summarizes the balance of the 2022 Restructuring reserve and the changes in the reserve as of and for the six months ended June 30, 2022 (in thousands). The associated liability that remained outstanding as of June 30, 2022 was recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets:
Expenses IncurredPaymentsAdjustmentsAccrued Balance as of June 30, 2022
Separation pay$39,259 $— $— $39,259 
Other personnel costs3,194 — — 3,194 
Total$42,453 $— $— $42,453