Bullish, the parent company of leading cryptocurrency publication CoinDesk, has abruptly dismissed three senior editors, including Editor-in-Chief Kevin Reynolds, amid growing controversy over editorial independence.
Fortune reported on Friday that the layoffs also affected Deputy Editors-in-Chief Nick Baker and Marc Hochstein, and multiple sources familiar with the situation confirmed them.
Bullish Fires Three CoinDesk Editors: What’s Going On?
The firings follow a contentious incident involving the removal of a CoinDesk article about Tron founder Justin Sun’s $6.2 million purchase and subsequent consumption of a conceptual art piece: a real banana duct-taped to a wall.
The piece, part of the “Comedian” series by artist Maurizio Cattelan, was auctioned by Sotheby’s.
The article highlighted Sun’s extravagant stunt and referenced his ongoing legal troubles with the U.S. Securities and Exchange Commission (SEC).
This led to complaints from Sun’s team and alleged pressure from Bullish to remove the piece.
It also created tensions about editorial independence, which later became a major concern for the staff, as Bullish’s ownership interfered with CoinDesk’s journalistic integrity.
Sources revealed that following Sun’s representatives’ request for the article’s removal, Bullish CEO Tom Farley “ordered” its takedown in early December.
The decision bypassed standard retraction protocols, which triggered an internal backlash.
This ultimately led to the resignation of Matt Murray, former Editor-in-Chief of The Wall Street Journal, who had been appointed to oversee CoinDesk’s editorial independence post-acquisition.
The situation escalated as staff became uneasy about potential conflicts between what they termed as “business interests and editorial freedom.”
CoinDesk journalists viewed the takedown as a violation of the publication’s journalistic integrity.
One senior staff member described the ousted editors as the “heart of the newsroom.”
Staff also mentioned:
“Bullish executives now heavily influence editorial and content decisions.”
Bullish Controls CoinDesk: What Gave Them Such Power?
Bullish acquired CoinDesk from Digital Currency Group for approximately $75 million in late 2023, far less than the $200 million valuation initially anticipated.
According to the Fortune report, the acquisition had already raised concerns about potential conflicts of interest at the time, as Bullish, a crypto exchange, competes directly with entities frequently covered by CoinDesk.
In a letter addressed to Bullish leadership, which The Block viewed, CoinDesk staffers cited fears that the newsroom had been “fully absorbed” into the parent company, which had compromised its autonomy.
Among the claims was a reporter saying that they were also
“encouraged to attend weekly ‘Bullish Scrum’ meetings that have little relevance to our journalists.”
The letter accused Bullish executives of limiting editorial content and opinion pieces to avoid alienating industry leaders, including major event sponsors such as Tron.
CoinDesk’s Consensus conference, a flagship event for the crypto industry, debuted in Hong Kong this year. Tron is listed as a primary sponsor.
Sources suggest that Friday’s dismissals were framed as part of a restructuring effort to reduce costs and boost productivity, as stated in an internal email from CoinDesk CEO Sara Stratoberdha.
However, newsroom staff remain skeptical, interpreting the layoffs as a direct response to the Sun article’s negative impact.
It is worth noting that CoinDesk has gone through multiple layoffs since being acquired by Bullish last year.
The departures of Reynolds, Baker, and Hochstein, all respected figures in financial journalism, have left the newsroom in disarray.
Hochstein, who strongly upholds CoinDesk’s ethics and standards, was critical in maintaining the outlet’s credibility.
His exit, alongside Baker’s and Reynolds’, has exacerbated fears of further editorial interference.
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