Crypto execs cut their own pay as layoffs mount

The founders of major crypto lender BlockFi, Zac Prince and Flori Marquez, took pay cuts amidst broader cutbacks at the company that included laying off 20% of its staff, a spokesperson confirms for Axios.

Why it matters: Talks about salaries at the highest echelons of crypto leadership have bubbled up amid layoff announcements.

What's driving the news: BlockFi announced Monday that it would be reducing headcount, citing "market conditions that have had a negative impact on our growth rate" in a message from its founders.

• Since the first quarter of this year, the BlockFi team has been working on "reducing marketing spend, eliminating non-critical vendors, reducing executive compensation, slowing headcount growth," they said.
• The cofounders of BlockFi otherwise declined Axios' invitation to sit down for an interview regarding the company's announced layoffs on Monday.

What they're saying: "The BlockFi executive team — including the founders, Zac Prince and Flori Marquez — did take a reduction in compensation," Madelyn McHugh, a spokesperson for BlockFi said in an emailed statement to Axios.

• "This decision was made in part of a larger employee retention strategy in light of current market conditions."

What others are saying: One enterprising Twitter user responded to Prince's layoff announcement with "one year such a difference," and resurfaced a March 2021 tweet in which Prince said the firm was hiring.