- CoinDesk experiences editorial turmoil after removing a critical article about Justin Sun.
- Top editors, including the Editor-in-Chief, are fired amid the controversy.
- Charles Hoskinson questions CoinDesk’s future value, suggesting it has declined due to recent editorial decisions.
Cardano founder Charles Hoskinson has voiced concerns about the future of CoinDesk, suggesting that its value has eroded in the ongoing editorial turmoil.
Specifically, CoinDesk finds itself embroiled in controversy following the abrupt dismissal of three top editors, including Editor-in-Chief Kevin Reynolds. The turmoil traces back to a disputed decision by Bullish, CoinDesk’s parent company, to remove an article critical of Tron founder Justin Sun.
The Justin Sun Article Removal
The CoinDesk editorial turmoil began in late November when CoinDesk published an article about a surreal stunt by Justin Sun, where he purchased and ate a $6.2 million banana art piece on a stage. Shortly after publication, Sun’s team reportedly requested that the article be taken down. Bullish leadership, led by CEO Tom Farley, complied, bypassing standard editorial retraction procedures.
This decision provoked a backlash from CoinDesk staff, leading to a newsroom meeting and the resignation of Matt Murray, the former Wall Street Journal editor who had been tasked with overseeing CoinDesk’s editorial integrity after the Bullish acquisition.
The controversy has fueled concerns that Tron’s role as a major sponsor of CoinDesk’s flagship event, Consensus, may have influenced the decision.
Fallout: Layoffs and Resignations
On Friday, Reynolds, along with deputy editors Nick Baker and Marc Hochstein, were informed of their dismissals in what Bullish described as a cost-cutting restructuring. Staff were notified via an email from CoinDesk CEO Sara Stratoberdha, which emphasized a commitment to journalistic independence despite the layoffs.
But, the timing and context of these dismissals have led to widespread skepticism within the newsroom, with several staff members reportedly considering resignations.
Industry Reaction
Jeff Roberts, a finance editor at Fortune, weighed in on the crisis, tweeting, “CoinDesk is in shambles. New owners forced editors to take down an article about Tron guy Justin Sun. Now, after the newsroom balked over this violation of editorial independence, they fired the editors.”
On the other hand, Cardano founder Charles Hoskinson responded with reflection, saying, “Remember when we thought about buying CoinDesk? I wonder what the price is these days…” His comment suggests he believes the value of CoinDesk has diminished over the years amid editorial practices.
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