Cryptocurrency news site The Block is trying to reorganize its firm after being named after Sam Bankman-Fried.
The Block reportedly laid off about 33 percent of its staff, including interim CEO Bobby Moran, in an effort to stabilize the platform following loans from Sam Bankman-Fried.
The Block Tries To Straighten After Sam Bankman-Fried
In a March 31 tweet, Cermak said that he will take over as CEO after spending nearly five years at the crypto news site. Axios also revealed that The Block is looking to stabilize the platform after controversial loans it received from former FTX and Alameda Research founder Sam Bankman-Fried. Additionally, it reported laying off about 33 percent of its staff, including Moran.
The tweet stated:
“We are not immune to the shrinking of the crypto market and the wider economy. We’ve grown too fast to take advantage of a bull market in crypto. Now we have to change our strategy and recalibrate our teams to match the reality of the current market.”
"Now that the environment has drastically changed, The Block needs to adjust too."
The crypto media company has laid off roughly one-third of its staff as part of a broader leadership shakeup, sources told Axios.https://t.co/MujKKTVsKF
— Axios (@axios) March 31, 2023
In December 2022, Moran announced that McCaffrey had taken out two loans totaling $27 million in 2021 from Alameda in his efforts to restructure the crypto news site.
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