Bullish, the parent company of crypto news outlet CoinDesk, dismissed three top editors on Friday, citing restructuring and cost-cutting measures.
The firings, however, followed internal controversy over the removal of an article critical of Tron founder Justin Sun, raising concerns about the publication’s editorial independence.
Kevin Reynolds, CoinDesk’s editor-in-chief, along with deputy editors Marc Hochstein and Nick Baker, were informed of their termination via email.
This news comes as a result of Leo Schwartz’s reporting at Fortune.
Bullish complied with Sun’s demands
The turmoil began in November when CoinDesk published an article about Sun’s purchase and consumption of a $6.2 million banana art piece. The story highlighted the stunt’s absurdity while also touching on Sun’s legal issues, including fraud charges from with the SEC.
Sources told Fortune that Sun’s team demanded the article’s removal, deeming its tone inappropriate.
Bullish, which acquired CoinDesk for $75 million in 2023, complied, pulling the piece without issuing a retraction notice. This decision led to the resignation of Matt Murray, a former Wall Street Journal editor, who chaired CoinDesk’s editorial committee.
In an email to staff, CoinDesk CEO Sara Stratoberdha defended the layoffs as a step to boost productivity and reaffirmed the company’s commitment to journalistic integrity.
However, according to Schwartz, newsroom insiders remain skeptical, with some considering resigning.
Critics within the newsroom suggested the removal was influenced by Tron’s sponsorship of CoinDesk’s flagship conference, Consensus, which is expanding to Hong Kong.
Staff members called for transparency, arguing the incident undermines Bullish’s promises to protect editorial independence.
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