Media reports have it that crypto news site The Block has laid off roughly 33% of its staff including interim CEO Bobby Moran.
The layoffs were necessary to stabilize the platform following loans it received from Sam Bankman-Fried, according to the reports.
Larry Cermak, vice president of research at The Block, has announced that he will be taking the reins at the crypto and blockchain news website from interim chief executive officer Bobby Moran.
In a March 31 tweet, Cermak said he would be stepping up as CEO after roughly five years at the crypto news site.
The crypto media company has laid off roughly one-third of its staff as part of a broader leadership shakeup, sources told.
Since FTX filed for Chapter 11 bankruptcy on Nov. 11, many news outlets, lawmakers, and organizations reported financial ties to the defunct crypto exchange or directly to Bankman-Fried.
