Crypto execs cut their own pay as layoffs mount
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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.
