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News

CoinDesk Confirms Layoffs This Week, Including Reporter Who Sparks FTX Breaking News

August 18, 2023 - Around 2 mins mins to read

Key Points:

  • CoinDesk trims its editorial team by 20 amidst cost-cutting efforts.
  • Tracy Wang, one of the people who brought the FTX event to light, was also among these employees.
  • Blockchain investors lead acquisition talks for CoinDesk at $125 million.
CoinDesk, a prominent cryptocurrency media outlet, has recently undertaken staff layoffs, as reported by Marc Hochstein, the event planner of the encrypted media company.
CoinDesk Confirms Layoffs This Week, Including Reporter Who Sparks FTX Breaking News

The cutbacks were confirmed by CoinDesk officials, who echoed Hochstein’s sentiments about the journalistic contributions of the affected employees.

Tracy Wang, who won The George Polk Awards in Journalism, and other editors and reporters are among these staff members. Wang is a journalist with great merit for revealing the shadiness of the billion-dollar FTX empire last year.

Hochstein cited the former employees’ contributions to journalism and called on other companies to recruit them. CoinDesk officials also confirmed the matter by reposting the post.

These developments emerged after sources familiar with the matter indicated that CoinDesk’s parent company, Digital Currency Group (DCG), intended to introduce strategic investors.

Approximately 45% of its editorial team, equating to 20 individuals, were affected by the layoffs, part of DCG’s broader strategy to optimize expenditures and enhance profitability, according to a report by The Block.

An investor consortium led by blockchain investors Matthew Roszak and Peter Vesenes is on the verge of acquiring CoinDesk for approximately $125 million.

CoinDesk, acquired by DCG in 2016, has been courted by several potential investors in recent months, aligning with CEO Kevin Worth’s announcement earlier this year about exploring full or partial sales to fuel growth.

The impending acquisition could fortify DCG’s financial position, especially in light of its subsidiary Gemini’s bankruptcy filing. Notably, DCG has been entangled in a legal dispute with Gemini, its largest creditor, concerning a restructuring agreement for Genesis.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Coindesk

DCG

FTX

Gemini

Genesis

Kevin Worth

Tracy Wang

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

CoinDesk Confirms Layoffs This Week, Including Reporter Who Sparks FTX Breaking News

Key Points:

  • CoinDesk trims its editorial team by 20 amidst cost-cutting efforts.
  • Tracy Wang, one of the people who brought the FTX event to light, was also among these employees.
  • Blockchain investors lead acquisition talks for CoinDesk at $125 million.
CoinDesk, a prominent cryptocurrency media outlet, has recently undertaken staff layoffs, as reported by Marc Hochstein, the event planner of the encrypted media company.
CoinDesk Confirms Layoffs This Week, Including Reporter Who Sparks FTX Breaking News

The cutbacks were confirmed by CoinDesk officials, who echoed Hochstein’s sentiments about the journalistic contributions of the affected employees.

Tracy Wang, who won The George Polk Awards in Journalism, and other editors and reporters are among these staff members. Wang is a journalist with great merit for revealing the shadiness of the billion-dollar FTX empire last year.

Hochstein cited the former employees’ contributions to journalism and called on other companies to recruit them. CoinDesk officials also confirmed the matter by reposting the post.

These developments emerged after sources familiar with the matter indicated that CoinDesk’s parent company, Digital Currency Group (DCG), intended to introduce strategic investors.

Approximately 45% of its editorial team, equating to 20 individuals, were affected by the layoffs, part of DCG’s broader strategy to optimize expenditures and enhance profitability, according to a report by The Block.

An investor consortium led by blockchain investors Matthew Roszak and Peter Vesenes is on the verge of acquiring CoinDesk for approximately $125 million.

CoinDesk, acquired by DCG in 2016, has been courted by several potential investors in recent months, aligning with CEO Kevin Worth’s announcement earlier this year about exploring full or partial sales to fuel growth.

The impending acquisition could fortify DCG’s financial position, especially in light of its subsidiary Gemini’s bankruptcy filing. Notably, DCG has been entangled in a legal dispute with Gemini, its largest creditor, concerning a restructuring agreement for Genesis.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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