Crypto media company The Block has cut a third of its corporate jobs after getting linked with collapsed crypto platform FTX and its founder Sam Bankman-Fried. According to a note to the staff sent by company head Larry Cermak cited by Axios on Friday, the layoffs intend to strengthen The Block's market position.
"To emerge stronger, we've made some difficult choices, including focusing on core revenue-generating roles and streamlining our workforce. Despite this, we remain committed to doubling down on research, data, and free news, ensuring we continue delivering high-quality content," Cermak noted in a Twitter post earlier today.
In early December, media revealed that Bankman-Fried loaned $43 million to The Block's former CEO Michael McCaffrey citing the company's plans to expand business operations. FTX crashed in November last year following media reports that the platform had solvency issues.
