The Block, a crypto media company that got caught up in a funding scandal related to disgraced FTX founder Sam Bankman-Fried, has laid off roughly one-third of its staff, reports Sara Fischer of Axios.
Fischer reports, “The company announced Friday in a note to staff that it has appointed its longtime head of research, Larry Cermak, to the position of chief executive officer, a move Cermak later confirmed on his Twitter account.
- Cermak has replaced Bobby Moran, the company’s interim CEO, who was laid off as part of the cuts.
- Every department was impacted by the layoffs, but not equally. A spokesperson confirmed that The Block’s revenue team was scaled back significantly given the current market conditions.
- The company has also brought on Evgeny Gaevoy, CEO of digital asset trading firm Wintermute, to join its board alongside Cermak. A spokesperson noted that the company plans to announce another board member soon.”
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