CoinDesk, owned by the parent company Bullish, fired three top editors Tuesday. Cost cutting and restructuring is what the parent company said it had dismissed. However, its independence has been questioned after an article about Tron founder Justin Sun was pulled for allegedly spreading falsehoods about a story.
In an email interview with Fortune, CoinDesk editor-in-chief Kevin Reynolds, deputy editor Marc Hochstein, and deputy editor Nick Baker said they had been fired.
It caused controversy when, in November, it published a piece looking at Justin Sun’s $6.2 million purchase of a banana art installation. The article asked whether Sun’s purchase of such extravagances was wise and questioned how Sun got away with the fraud cases filed against it by the U.S. Securities and Exchange Commission (SEC).
However, sources told Fortune Sun’s team that they found the article’s tone objectionable and wanted it taken down. The list of the murdered includes Bullish, which, having bought CoinDesk for $75 million, was removed without a retraction notice.
Matt Murray Resigns Amid CoinDesk Leadership Changes
Matt Murray, former editor at Wall Street Journal, added his name to the resignation list that chaired the CoinNewsEditorial squad until then when responding to the decision.
In an interview with CoinDesk, CoinDesk CEO Sara Stratoberdha stressed, however, that the layoffs were necessary for productivity and journalistic integrity. Some staffers are still not convinced and are preparing to resign.
CoinDesk critics have also said the removal may have been influenced by Tron’s sponsorship of the outlet’s flagship conference, Consensus. Hong Kong, where Consensus is growing, also closely links Sun’s business operations.
CoinDesk owners Bullish fired the publication's three top editors, including EIC Kevin Reynolds, this morning following newsroom controversy over the removal of an article about billionaire Justin Sun:https://t.co/kKBKGIbugB
— Leo Schwartz (@leomschwartz) December 20, 2024
But bully insiders say they are frustrated at what they perceive as broken promises over editorial independence. Some employees, including former employees, argued that the episode raises doubts and compels the publication to reaffirm its credibility as a crypto industry watchdog. It is also a reminder of editors’ reliance on a business increasingly living on a wild web.
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