The Block Crypto Media Cuts Staff by One-Third
In the aftermath of the funding scandal involving Sam Bankman-Fried, the founder of FTX who’s been making headlines for all the wrong reasons, crypto media company The Block finds itself in a rather precarious position.
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With the intention to stabilize and strengthen its position in the industry, the company has been forced to lay off around one-third of its staff, sending some employees back to their crypto-caves.
As part of this major shakeup, The Block has appointed Larry Cermak, their longtime head of research and crypto-enthusiast, as their new CEO. Taking the helm during turbulent times, Larry has his work cut out for him. Cermak replaces Bobby Moran, the interim CEO, who got caught in the crossfire and was among those laid off.
Every department at The Block was affected by these layoffs, but it seems their revenue team got hit the hardest. Ouch! On the bright side, they've managed to bring Evgeny Gaevoy, CEO of digital asset trading firm Wintermute, on board to join Cermak in navigating the choppy crypto-waters.
In a statement, the company admitted, “We are not immune to the contraction of the crypto market, and the economy more broadly.” The Block's story is a familiar one: they grew too quickly, riding the wave of the crypto bull market, only to find themselves in a tailspin when the market contracted. Now, they must shift gears and adjust their strategy to better align with the current market conditions.
As Larry Cermak steps into his new role, he'll be leading a smaller team, but his intimate knowledge of the company from its early days should prove invaluable. It's undoubtedly painful to bid farewell to talented colleagues, but it was a necessary step to secure The Block's future in the ever-changing crypto landscape.
So, best of luck, Larry! You're gonna need it in these wild crypto times.
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